TaxTMI 
TaxTMI 
A Capital Asset is Purchased At 590000 in which 90000 is GST, and after 1 year 2 Month, the Capital Asset Sold at 350000 without Tax (GST rate is 18% on the Sale). We Have to Reverse the Input tax Credit based on 5% quarter. How will we show the transaction in GSTR-1 and GSTR-3B
How to Show GST Implication of Sale of Fixed Asset in GST Return
23 Apr 2025 
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ITC reversal requirement for disposal of capital goods held short of useful life; report reversal in GSTR 3B and sale in GSTR 1.
An ITC reversal is required when a capital good purchased with ITC is sold before its five year useful life. Compute reversal by counting quarters of use and applying the prescribed per quarter percentage to the original ITC; remaining quarters determine the reversal proportion. Report the reversal in GSTR 3B Table 4(B)(2) as "Others" and disclose the sale without tax in GSTR 1 Table 8 as an exempt outward supply. (AI Summary)
An ITC reversal is required when a capital good purchased with ITC is sold before its five year useful life. Compute reversal by counting quarters of use and applying the prescribed per quarter percentage to the original ITC; remaining quarters determine the reversal proportion. Report the reversal in GSTR 3B Table 4(B)(2) as "Others" and disclose the sale without tax in GSTR 1 Table 8 as an exempt outward supply. (AI Summary)