https://www.taxtmi.com/forum/issue?id=118970 A taxpayer imported machinery and availed ITC of IGST. The machine was later replaced free of cost by the manufacturer, requiring a fresh import on which IGST and customs duty will be payable; the faulty machine is to be sold at salvage. The advisory states that the ITC reversal provision applies to such disposal and reversal should be made on the relevant balance, though retaining the asset for its useful life before sale was noted as a possible way to defer or avoid immediate reversal. en-us Sat, 10 Feb 2024 16:31:01 +0530 Fri, 24 Jan 2025 10:40:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=118970 A taxpayer imported machinery and availed ITC of IGST. The machine was later replaced free of cost by the manufacturer, requiring a fresh import on which IGST and customs duty will be payable; the faulty machine is to be sold at salvage. The advisory states that the ITC reversal provision applies to such disposal and reversal should be made on the relevant balance, though retaining the asset for its useful life before sale was noted as a possible way to defer or avoid immediate reversal. Discussion-Forum GST Sat, 10 Feb 2024 16:31:01 +0530 https://www.taxtmi.com/forum/issue?id=118970