AI OCR 
TaxTMI 
TaxTMI 
TaxTMI 
ITC On used machinery
X X X X Extracts X X X X
X X X X Extracts X X X X
....TC On used machinery<br> Query (Issue) Started By: - husen kadwalwala Dated:- 29-12-2024 Last Reply Date:- 4-1-2025 Goods and Services Tax - GST<br>Got 3 Replies<br>GST<br>I have query regarding avail....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ing ITC. The supplier has used the plant for two years and had a total ITC of 15 lacs . he has sold all his material nil rated and reversed the ITC on propionate basis. We are in process of buying a....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... used plant and machinery. There is 7 lacs ITC to be claimed. When we generate a sells invoice can the supplier offset cgst/sgst of bill amount against his pending ITC. Reply By Shilpi Jain: The Repl....
X X X X Extracts X X X X
X X X X Extracts X X X X
....y: If the supplier had initially claimed the entire ITC and has reversed periodically, then he can claim the ITC pertaining to the remaining 3 years and set that off against the output tax liability ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....payable on sale of the machinery. Reply By anakha sj: The Reply: Yes, the supplier can offset the CGST/SGST liability of the sales invoice amount against their pending ITC of ₹7 lakhs, provide....
X X X X Extracts X X X X
X X X X Extracts X X X X
....d it complies with GST provisions. Ensure proper documentation and GST compliance, including invoices and ITC reversal details, for the transaction. Verify that the machinery is eligible for ITC and c....
X X X X Extracts X X X X
X X X X Extracts X X X X
....onfirm the supplier has reversed ITC proportionately as per GST rules. Reply By KALLESHAMURTHY MURTHY: The Reply: Dear Sir, There is no bar to use ITC at credit subject to other conditions if any.....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... Pl. ensure that the ITC reversal was properly done.<br> Discussion Forum - Knowledge Sharing ....