ITC REVERSAL ON CAPITAL GOODS

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..... A taxable person has paid tax whilst procuring capital goods and has claimed ITC thereon. It sells out its capital goods by duly charging GST applicable on the sale (and deposits). Is it still liable of ITC reversal. Please explain. - Reply By DR.MARIAPPAN GOVINDARAJAN - The Reply = In my view, yes. - Reply By Bhupinder Singh - The Reply = thanks for response. - Reply By Shilpi Jain - The Rep .....

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..... ly = Why is reversal of ITC required? If it was used for business and is in respect of taxable supplies no reversal would be required. - Reply By Mr Patel - The Reply = Input credit reversal arises when Capital Goods used for Personal Use or for Exempted Sales. in your case not required to reversal. - Reply By KASTURI SETHI - The Reply = When GST has been paid at the time of supply/removal o .....

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..... f capital goods at transaction value, no reversal is required. - Reply By YAGAY andSUN - The Reply = Levy of double jeopardy or taxation on the same transaction/crime, even is not allowed in our Constitution. The Constitution of India is the supreme law of our country. Therefore, in our view also if GST is paid then reversal is not required on the supply of capital goods. - Reply By Bhupinder .....

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..... Singh - The Reply = Thanks for enlightening - Reply By Ganeshan Kalyani - The Reply = Yes when tax is paid on outward supply then reversal of input tax credit is not warranted. - ITC REVERSAL ON CAPITAL GOODS - Query Started By: - Bhupinder Singh Dated:- 10-7-2019 Goods and Services Tax - GST - Got 8 Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal op .....

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..... inion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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