The Lorry, which was used for business purposes, has been sold. The seller had availed the Input Tax Credit (ITC) on its purchase. It was purchased on 01.05.2019 for Rs.1,400,000, considering to sell for Rs.200,000, and the Written Down Value (WDV) in the books was Rs.300,000. What is the applicable GST rate , GST and taxable value of the above transaction? and also whether any ITC want to reverse?
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