Taxability

[VIGNESH]

Sir Mr.A registered under GST and doing jeweler business , has purchased computer accessories and booked as expenses and he claimed ITC, now he wish to exchange the product for a new one and sold the same to Mr.B. Should he raise a invoice for the sale made by him to Mr.B who is also a registered person. will the treatment change if it is an asset. - GSTimplication!

AI Summary

Jeweler Must Pay GST on Sale of Computer Accessories Booked as Expenses; Special Rule for Capitalized Items. A jeweler, registered under GST, purchased computer accessories, booked them as expenses, and claimed Input Tax Credit (ITC). He now wishes to exchange the product and sell it to another registered person. The question is whether an invoice should be raised for this sale. The response indicates that GST should be paid on the sale value if the item was booked as an expense. If capitalized, GST on the sale value and ITC for the remaining life of the computer should be calculated, and the higher amount is payable.