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TMI BlogProportinate itc concept in gst on sale on used carX X X X Extracts X X X X X X X X Extracts X X X X ..... Hello everyone... I am new user here ...please help me ...! If one purchased furniture for rs 1lac and gst 28,000 total 1,28,000 and sold it just after 2years... what shall be the impact on itc ...will it be claimable upto rs 28,000 or any proportionate reduction should be made .....? Please reply....! Thanks Shubham - Reply By Alkesh Jani - The Reply = Sir, If purchased furniture is boo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ked as capital goods in your books of Account, than 5 point per quarter is to be reduced. If not booked as capital goods, then it is normal supply. Our experts may correct me if mistaken. Thanks - Reply By Shubham Porwal - The Reply = Sir The asset is used for office purpose (i.e he doesn't deal purchasing and selling of furniture) so why there is reduction in itc ....? Because the furni ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ture one time will become obsolete and if we reduce itc ...then there can be loss to client .....! Please help me to gain knowledge - Reply By Alkesh Jani - The Reply = Sir, It will be very difficult for me to explain your query raised, but to reduced ITC is for the compliance of law. Thanks - Reply By Shubham Porwal - The Reply = Thank you so much sir for your valuable time - Reply By CSS ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ANJAY MALHOTRA - The Reply = Mr Alkesh, your views are correct t as to initial query raised by querist but he change his query in his second post. Mr. Shubham, please go through schedule -1 of supply specifically clause (a) . Hope u will find answer. - Reply By YAGAY and SUN - The Reply = We endorse the views of experts. - Reply By Alkesh Jani - The Reply = Sir, Thank you Sh. SANJAY MALHOT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... RAJI, for explaining the querist. It is really very difficult for me to explain why and I extend my apology to the querist for not furnishing the explanation. Thanks - Reply By KASTURI SETHI - The Reply = Sh.Alkesh Jani Ji, I would like to suggest as under :- (i) Use the word, 'Clarification' and NOT, Explanation'. Explanation co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nveys something different. We are to use the word, clarification - Proportinate itc concept in gst on sale on used car - Query Started By: - Shubham Porwal Dated:- 28-5-2018 Goods and Services Tax - GST - Got 8 Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... MI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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