Question10: I am selling a truck on which I have already availed and Utilized CENVAT. Kindly tell me whether GST is applicable on sale of Capital Assets.

Answer: According to the provisions of Section 7(1) of CGST Act, 2017 all forms of supply of goods or services or both such as sale , transfer, barter, exchange, licence, rental, lease or disposal etc. made for a consideration by a person in furtherance of business would be covered under the term 'Supply' and would be leviable to tax under the GST regime at the appropriate rate applicable according to relevant HSN Code, irrespective of the fact whether credit has been availed or not under earlier of existing regime. The applicable rate of tax on sale of old vehicle under GST is 28% plus 15% cess. (Reply dt. 04/12/2017)