TaxTMI 
TaxTMI 
My Capital Goods (Machinery) lost in Fire, My Reversible of GST on unused life of Machinery is less than tax on Scrap Transaction Value. is it true i m liable to pay tax only on scrap transaction value? not liable to reverse input of unused life of machinery?
GST on Capital Goods
09 Feb 2022 
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GST reversal on capital goods: reverse unused input tax credit or pay tax on scrap transaction value, whichever is higher.
The supplier must compare the reversal of input tax credit attributable to unused life of capital goods with the GST on the transaction value of the goods sold as scrap and pay whichever is higher; relaxations in a proviso apply only to specified items, and recipients of scrap may claim input tax credit for GST charged. (AI Summary)
The supplier must compare the reversal of input tax credit attributable to unused life of capital goods with the GST on the transaction value of the goods sold as scrap and pay whichever is higher; relaxations in a proviso apply only to specified items, and recipients of scrap may claim input tax credit for GST charged. (AI Summary)