https://www.taxtmi.com/forum/issue?id=118006 Where capital goods sold had earlier attracted input tax credit, the seller must pay whichever is higher: the prescribed capital goods adjustment or the tax on the transaction value; if the calculated amount exceeds tax on transaction value it constitutes output tax liability and must be charged, invoiced and reported as outward tax (GSTR 1) rather than shown as an ITC reversal in inward returns, enabling the buyer to claim ITC on taxes so charged. en-us Thu, 23 Jun 2022 13:36:43 +0530 Thu, 23 Jan 2025 15:54:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=118006 Where capital goods sold had earlier attracted input tax credit, the seller must pay whichever is higher: the prescribed capital goods adjustment or the tax on the transaction value; if the calculated amount exceeds tax on transaction value it constitutes output tax liability and must be charged, invoiced and reported as outward tax (GSTR 1) rather than shown as an ITC reversal in inward returns, enabling the buyer to claim ITC on taxes so charged. Discussion-Forum GST Thu, 23 Jun 2022 13:36:43 +0530 https://www.taxtmi.com/forum/issue?id=118006