Schedule-I supply

[Archna Gupta]

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?

AI Summary

Deemed supply rules require GST on free transfers and ITC reversal where input tax credit was availed, with invoicing.
A free transfer of a business asset to an NGO after ITC was claimed triggers either payment of tax as a deemed supply or reversal of input tax credit; for capital goods the prescribed depreciation adjustment per quarter applies. If tax is charged a tax invoice must be issued and the outward supply declared in GSTR-1 (B2B or B2C) and GSTR-3B; alternatively FOC movement may be effected by delivery challan while reversing ITC in the GSTR-3B ITC reversal table and making corresponding disclosures in GSTR-1.