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TMI BlogITC On used machineryX X X X Extracts X X X X X X X X Extracts X X X X ..... I have query regarding availing ITC. The supplier has used the plant for two years and had a total ITC of 15 lacs . he has sold all his material nil rated and reversed the ITC on propionate basis. We ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... are in process of buying a used plant and machinery. There is 7 lacs ITC to be claimed. When we generate a sells invoice can the supplier offset cgst/sgst of bill amount against his pending ITC. - Rep ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ly By Shilpi Jain - The Reply = If the supplier had initially claimed the entire ITC and has reversed periodically, then he can claim the ITC pertaining to the remaining 3 years and set that off again ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... st the output tax liability payable on sale of the machinery. - Reply By anakha sj - The Reply = Yes, the supplier can offset the CGST/SGST liability of the sales invoice amount against their pending ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ITC of ₹7 lakhs, provided it complies with GST provisions. Ensure proper documentation and GST compliance, including invoices and ITC reversal details, for the transaction. Verify that the machi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nery is eligible for ITC and confirm the supplier has reversed ITC proportionately as per GST rules. - ITC On used machinery - Query Started By: - husen kadwalwala Dated:- 29-12-2024 Last Replied Da ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... te:- 3-1-2025 Goods and Services Tax - GST - Got 2 Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmana ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gement - 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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