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Disposal of Assets where input tax was previously disallowed

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Disposal of Assets where input tax was previously disallowed

Post by Admin on Wed Dec 31, 2014 4:22 pm

Para 37(c)(iii) of Guide on Supply. No need to account for Output Tax on disposal of goods or assets where:

a) Input Tax has been blocked previously

b) Input Tax credit was not entitled previously because the purchases/expenses were attributable to making of exempt supply

c) goods or assets were acquired from a person who is not registered under GST


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Re: Disposal of Assets where input tax was previously disallowed

Post by joseph on Mon Jan 05, 2015 10:42 am

This provision is contained in Para 4 of Second Schedule of the GST Act 2014.


Last edited by joseph on Sat Mar 07, 2015 8:48 am; edited 1 time in total

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DISCLAIMER:
Any opinion expressed is strictly my personal view based on my understanding and interpretation of the GST Act 2014, Regulations, Orders, DG's Panel Decisions and Customs' Guides. You should seek advice from experts and/or the Customs Dept if the subject matter is significant to your business.

joseph

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Re: Disposal of Assets where input tax was previously disallowed

Post by joseph on Wed Jan 07, 2015 6:45 pm

Item (c) is not quite correct. Correction as follows:

Disposal without consideration of goods which were purchased from a person who is not registered under GST, is not subject to GST.

If the disposal is with a consideration, then it is a supply of goods and is subject to GST.

_________________


DISCLAIMER:
Any opinion expressed is strictly my personal view based on my understanding and interpretation of the GST Act 2014, Regulations, Orders, DG's Panel Decisions and Customs' Guides. You should seek advice from experts and/or the Customs Dept if the subject matter is significant to your business.

joseph

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Re: Disposal of Assets where input tax was previously disallowed

Post by emhan on Fri Mar 06, 2015 10:38 pm

Hi

May I know if the disposal of asset is after 1/4/15 but acquired before 1/4/15 is subject to GST if dispose with consideration?

Thank You.

emhan

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Join date : 2015-02-24

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Re: Disposal of Assets where input tax was previously disallowed

Post by joseph on Sat Mar 07, 2015 12:09 am


_________________


DISCLAIMER:
Any opinion expressed is strictly my personal view based on my understanding and interpretation of the GST Act 2014, Regulations, Orders, DG's Panel Decisions and Customs' Guides. You should seek advice from experts and/or the Customs Dept if the subject matter is significant to your business.

joseph

Posts : 277
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Re: Disposal of Assets where input tax was previously disallowed

Post by emhan on Sat Mar 07, 2015 10:36 am

Hi Joseph

Thank you for the reply.

For input tax previously blocked and zero rate/ exempt asset, should it be subject to GST if disposal with consideration?


emhan

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Re: Disposal of Assets where input tax was previously disallowed

Post by joseph on Sat Mar 07, 2015 11:21 am

Para 4 of Second Schedule of the GST Act 2014:
Where any GST has been excluded from input tax credit claim, subsequent disposal of the goods shall be treated as neither a supply of goods nor a supply of services.

For goods purchased from non GST-registered persons or purchased prior to 01/04/15, there is no question of exclusion from input tax credit because there is no GST chargeable in the first place.

_________________


DISCLAIMER:
Any opinion expressed is strictly my personal view based on my understanding and interpretation of the GST Act 2014, Regulations, Orders, DG's Panel Decisions and Customs' Guides. You should seek advice from experts and/or the Customs Dept if the subject matter is significant to your business.

joseph

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Re: Disposal of Assets where input tax was previously disallowed

Post by emhan on Sat Mar 07, 2015 12:34 pm

Hi Joseph


For assets purchased before 1/4/15 and disposal without consideration, is the gift rule based on cost of asset?

Thanks again.

emhan

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Re: Disposal of Assets where input tax was previously disallowed

Post by joseph on Sun Mar 08, 2015 8:44 am

Open market value (OMV). If cannot ascertain, use net book value (NBV).

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DISCLAIMER:
Any opinion expressed is strictly my personal view based on my understanding and interpretation of the GST Act 2014, Regulations, Orders, DG's Panel Decisions and Customs' Guides. You should seek advice from experts and/or the Customs Dept if the subject matter is significant to your business.

joseph

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Re: Disposal of Assets where input tax was previously disallowed

Post by joseph on Fri Mar 13, 2015 12:16 am

Disposal of assets which were used to make exempt supply... same treatment as for assets acquired from non GST-registered person.

_________________


DISCLAIMER:
Any opinion expressed is strictly my personal view based on my understanding and interpretation of the GST Act 2014, Regulations, Orders, DG's Panel Decisions and Customs' Guides. You should seek advice from experts and/or the Customs Dept if the subject matter is significant to your business.

joseph

Posts : 277
Join date : 2014-09-25

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