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Sale of Old plant & Machinery on which ITC Taken earlier-Rule 40 or Rule 44

Goods and Services Tax - Started By: - ROHIT GOEL - Dated:- 13-6-2018 Last Replied Date:- 21-6-2018 - Hi Sir, As per sec 18(6) of CGST Act 2017, when capital goods on which ITC has been taken are sold, then the assessee should pay: a) ITC taken earli .....

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rposes of sub-section (6) of section 18, shall be calculated by reducing the input tax on the said goods at the rate of five percentage points for every quarter or part thereof from the date of the issue of the invoice for such goods. However, Rule 4 .....

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ub-section (5) of section 29, be determined in the following manner, namely,- ........(b) for capital goods held in stock, the input tax credit involved in the remaining useful life in months shall be computed on pro-rata basis, taking the useful lif .....

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o remaining useful life= C multiplied by 5/60 (6) The amount of input tax credit for the purposes of sub-section (6) of section 18 relating to capital goods shall be determined in the same manner as specified in clause (b) of subrule (1) and the amou .....

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quarter or on the basis of useful life of 60 months since there will be differences in both of the two methods? - Reply By Alkesh Jani - The Reply = Sir, In my point of view, in your case Rule 40(2) of CGST Rules, 2017 is applicable, as it is with re .....

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ods are less than 60 months old, than value shall be calculated by 5 point per quarter or part thereof, ITC shall be reverse or to be paid for the depreciation and if the transaction value is higher than transaction value is to be taken into account .....

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