Dear Experts,
A registered jeweler purchase old gold ornaments worth Rs. 50,000/- from his customer (Unregistered) and in exchange of that sale new gold ornaments worth Rs. 1,00,000/- to the same customer. Then on which value GST shall be collected on Rs. 50,000/- or on Rs. 1,00,000/- for this transaction.
Jeweler will receive only Rs. 50,000/- in cash/bank and the rest Rs. 50,000/- in form of old gold.
Thanking You
Nirmal Dave
Dear Friends,
I shall be grateful if you can share your opinion on the GST liability of a A Pvt Ltd company which sold a used car recently. The company is not registered in GST as there is no turnover in the company. The facts are as follows:
Car was originally purchased in 2012 for Rs 7.50 lacs app, Sold in Nov, 2023.
Sale Consideration amount Rs 2.50 Lacs.
WDV of the car on 31/03/2023 as per last audited balance sheet.
1) As per Companies Act,2013 : Rs 37108
2)As per Income Tax Act : Rs 1.26 lacs
Profit and loss on sale of car
1) As per companies Act- Profit-- 2.13 lacs
2) As per IT Act- Profit-- Rs 1.24 lacs
My queries are :
1)Is the company liable to pay GST on sale of car and at what rate.
(At present the company does not have GST number)
2)If there is any tax applicable in case of sale of company car please inform.
Please give valuable advice in the above matter.
Thanks & regards
N Kadam
Inventory and Capital goods purchased before the GST regime and Cenvet credit has taken now Company declare this items as obsolete inventory my question is that Cenvet credit taken before GST regime needs to be reversed in GST Regime.
Answer nowDear Experts,
1 A company pays Rs 45,0000.00 to the service provider after deducting the TDS u/s 194C
2 After the certain period, the same service provider provides the service for the amount of Rs 20,000.00
3 Upto this second time service provided by him, the total trasaction value does not cross Rs 1,00,000.00
4 The query
Whether the company needs to deduct the TDS on this second time payment.
Since upto this second time payment, it does not cross the limit of Rs 1,00,000.00
Or once the TDS attracts, it needs to be followed in subsequent transactions.
Dear Sir
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asset book value = 50
sold after damaged = 8
balance book value of asset =42
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