GstTak

  (A) Eligibility for the Scheme:- Following Persons are eligible for the Scheme. 1) A registered person who is required to furnish a return in FORM GSTR-3B . AND 2) Who has an aggregate turnover of up to 5 crore rupees in the preceding financial year .                 However in case the aggregate turnover exceeds 5 crore rupees during any quarter in the current financial year, the registered person shall not be eligible for the Scheme from the next quarter.   (B) Exercising option for QRMP Scheme:- In order to exercise this option, the registered person must have furnished the last return, as due on the date of exercising such option. Register Persons can opt in or opt out of the scheme as follows:- Q1 (April –May - June):- 1st February to 30th April. Q2 (July – August – September):- 1st May to 31st July. Q3 (October – November – December):- 1st August to 31st October. Q4 (January – February – March):- 1st November to 31st January. Registered persons are no

  In this article we discuss about the GST impact on Sale of Capital Goods (i.e. Business Assets). First we discussed about the Definition of Capital Goods.   Capital Goods:- As per the Section 2(19) “capital goods” means goods, the value of which is capitalised in the books of account of the person claiming the input tax credit and which are used or intended to be used in the course or furtherance of business.   For the Purpose of Qualifying the Goods as a Capital goods following conditions should be satisfied. 1)       Goods should be capitalised in the Books of Accounts. (It can by anything whether Fixed Assets or Current Assets). 2)       ITC Should be availed on such goods. 3)       Such goods should be used for furtherance of business.     Now we will discussed about the Provision of the Supply. (As GST is applicable if only there is a supply)   1)       As per the Schedule I of CGST Act 2017 , Permanent transfer or disposal of business assets where input tax