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sALE OF Used Tipper vehicle by Contruction & Material Supplier

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Mon May 06 2024

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The Tipper, which was used for construction and construction material supply, has been considered for sale. They had availed of the Input Tax Credit (ITC) on its purchase. It was purchased on 28.03.2023 for Rs.48,00,000/-, considering selling for Rs.38,00,000/-, and the Written Down Value (WDV) in the books was Rs.43,57,000. What is the applicable GST Rate, GST amount, and taxable value of the above transaction? and also, whether any ITC wants to reverse on Unused Period & How to calculate that?