Sales of useless items
This query is : Resolved
17 February 2012
I WANT TO KNOW THAT HOW I DO ACCOUNTING WHEN I SELL ANY ITEM WHICH PURCHASE COST IS 100/-
AT RS 50/- BECAUSE IT IS USELESS FOR US.
CAN I CHARGED VAT/SALES TAX ON SELLING AMOUNT (Rs 50/-) WHEN I SOLD IT.
AT RS 50/- BECAUSE IT IS USELESS FOR US.
CAN I CHARGED VAT/SALES TAX ON SELLING AMOUNT (Rs 50/-) WHEN I SOLD IT.
17 February 2012
Whatever be the sale price you shall charge VAT on the amount of selling price charged in the invoice as the same shall be the sale consideration. As to the selling price being lesser than the purchase cost, there is no issue in this regard.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Sale of property furniture sale
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Tds on building rent monthly
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
Trending Online Classes
CAclubindia
