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ITC Reversal on sale of used commercial vehicle by Company

NISHANT SHAH

Company had bought Eicher tempo 4 years ago in AUG 20 and now it has to be sold to consumer who is unregistered person.

Company had claimed ITC 28% while purchasing this Eicher considering same as using for commercial purpose .

1. Now whether company is liable to reverse ITC proportionately since company has used same vehicle for 4 years. So whether company is liable to reverse ITC of 1 year as per Rule 43 ?

2. Whether company has to charge GST also on Sales Bill in case it is sold for less than WDV Price ? i.e., Book loss.

Commercial Vehicle Tax Credit Dispute: Assessing ITC Reversal and GST Compliance for Vehicle Sale Under Section 18(4) A company purchased a commercial vehicle four years ago and claimed input tax credit (ITC) of 28%. The key legal questions involve potential ITC reversal based on vehicle usage duration and GST implications when selling the vehicle to an unregistered person at a price below written down value. The discussion centers on tax compliance and proportional ITC reversal under applicable GST regulations. (AI Summary)
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