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TMI BlogGST on Sale of Business AssetsX X X X Extracts X X X X X X X X Extracts X X X X ..... A GST Reg Persons bought a truck for business purpose in 2019 and now he wants to sell the vehicle, if so whether the sale attracts GST or not? - Reply By Amit Agrawal - The Reply = Subject transactions attract GST, in my ex-facie view. - Reply By Amit Agrawal - The Reply = If you can explain reasons for your doubts or context for legal provisions involved etc., it would help answering your q ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uery better. - Reply By Rajagopalan Ranganathan - The Reply = Sir, As per Section 18 (6) of CGST Act, 2017 in case of supply of capital goods or plant and machinery, on which input tax credit has been taken, the registered person shall pay an amount equal to the input tax credit taken on the said capital goods or plant and machinery reduced by such percentage points as may be prescribed o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r the tax on the transaction value of such capital goods or plant and machinery determined under section 15 , whichever is higher. This provision is applicable if ITC on the truck purchased is availed by you. Otherwise you have to pay gst on the transation value, that is the price at which it is sold to munrelated buyer. - Reply By NARENDER YARRAGORLA - The Reply = Thank you all for quick a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd clear response - GST on Sale of Business Assets - Query Started By: - NARENDER YARRAGORLA Dated:- 9-8-2022 Goods and Services Tax - GST - Got 4 Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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