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ITC REVERSAL ON CAPITAL GOODS, Goods and Services Tax - GST

Issue Id: - 115171
Dated: 10-7-2019
By:- Bhupinder Singh
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.

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Showing Replies 1 to 8 of 8 Records

1 Dated: 10-7-2019
By:- DR.MARIAPPAN GOVINDARAJAN

In my view, yes.


2 Dated: 10-7-2019
By:- Bhupinder Singh

thanks for response.


3 Dated: 10-7-2019
By:- Shilpi Jain

Why is reversal of ITC required? If it was used for business and is in respect of taxable supplies no reversal would be required.


4 Dated: 10-7-2019
By:- Mr Patel

Input credit reversal arises when Capital Goods used for Personal Use or for Exempted Sales.

in your case not required to reversal.


5 Dated: 11-7-2019
By:- KASTURI SETHI

When GST has been paid at the time of supply/removal of capital goods at transaction value, no reversal is required.


6 Dated: 11-7-2019
By:- YAGAY andSUN

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.


7 Dated: 11-7-2019
By:- Bhupinder Singh

Thanks for enlightening


8 Dated: 15-7-2019
By:- Ganeshan Kalyani

Yes when tax is paid on outward supply then reversal of input tax credit is not warranted.


1

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