https://www.taxtmi.com/forum/issue?id=115770 Closure or sale of business assets triggers ITC reversal where registration is cancelled or the asset is disposed of within its prescribed useful life. On sale, tax is payable on the transaction value and available input tax credit may be used against that liability; residual credit lapses on cancellation. If the asset is sold or registration cancelled before the end of the asset's useful life, a proportionate reversal of input tax credit is required, treating the useful life of the capital good as five years for the reversal computation. en-us Thu, 12 Dec 2019 13:29:58 +0530 Thu, 23 Jan 2025 15:54:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=115770 Closure or sale of business assets triggers ITC reversal where registration is cancelled or the asset is disposed of within its prescribed useful life. On sale, tax is payable on the transaction value and available input tax credit may be used against that liability; residual credit lapses on cancellation. If the asset is sold or registration cancelled before the end of the asset's useful life, a proportionate reversal of input tax credit is required, treating the useful life of the capital good as five years for the reversal computation. Discussion-Forum GST Thu, 12 Dec 2019 13:29:58 +0530 https://www.taxtmi.com/forum/issue?id=115770