Lumpsale of Capital Goods

[Bhupesh Dand]

Dear Sir,

What is the GST Impact on Lumpsum

sale of Capital goods ? Ratof GST and also if ITC was availed and where in ITC was not availed ?

Regards,

Bhupesh

AI Summary

Input Tax Credit reversal on slump sale of capital goods requires repayment or valuation based GST assessment.
GST on a slump sale of capital goods turns on whether Input Tax Credit was availed: where ITC was claimed, the seller must reverse an amount equal to the ITC taken reduced by a prescribed percentage or else compute GST on the transaction value, paying the higher amount; where ITC was not claimed, GST applies to the transaction value.