Dear Sir
Please let me know that how we will show Schedule-I supply in GSTR-1 and GSTR-3B. Suppose a registered person gives his business asset after two years of purchase to an NGO permanentlywithout consideration on which he had taken ITC of ₹ 18000/- at the time of purchase. Now the open market value of this asset is say 50000/- and the applicable rate is 18%. Please help that how we will show this transaction in GST returns?
How to Report Schedule-I Supply in GST Returns for Donated Business Assets to NGOs Without Consideration A discussion on a forum addressed how to report a Schedule-I supply in GST returns when a registered person donates a business asset to an NGO without consideration. The asset, originally purchased with an ITC of 18,000, now has a market value of 50,000 with an 18% tax rate. Participants suggested reducing ITC by 5% per quarter since purchase and raising an invoice for the NGO, reflecting it in GSTR-1 and GSTR-3B. Some advised using a delivery challan for FOC supplies and reversing ITC accordingly. The conversation emphasized compliance with GST regulations to avoid penalties. (AI Summary)
Goods and Services Tax - GST
TaxTMI 
TaxTMI 
TaxTMI 
