I am a manufacturer of goods. I want to sale some of my used machinery (capital goods) on which I have not taken input credit at the time of purchase. Please suggest GST treatment on such sale.
Should I pay GST on sale value less WDV?
Thanks.
Menu
GST on sale of used machinery
Replies (14)
DISPOSAL OF MACHINE DOES NOT ATTRACT GST AT ALL AS IT IS NOT A ORDINERY PART OF BUSINESS
Thanks. could you please share the relevant section?
Regards- Rajesh
Regards- Rajesh
No, if u can't take itc at the time of purchase, then u need not to pay gst at time of sale
GST should be paid on the sale value of machinery even if you didn't claim itc. As disposal of asset is supply under GST as per schedule II.
‘Schedule II’ of CGST Act Para 4 (a), Activities to be considered a supply of Goods or Supply of Services
Where goods forming part of the assets of a business are transferred or disposed of by or under the directions of the person carrying on the business so as no longer to form part of those assets, whether or not for a consideration, such transfer or disposal is a supply of goods by the person
So GST is applicable .
Where goods forming part of the assets of a business are transferred or disposed of by or under the directions of the person carrying on the business so as no longer to form part of those assets, whether or not for a consideration, such transfer or disposal is a supply of goods by the person
So GST is applicable .
Good explaination sir.............
Thanks all.
Now it is clear that it is taxable. What will be taxable value, Sale value less WDV? or something else?
Regards
Now it is clear that it is taxable. What will be taxable value, Sale value less WDV? or something else?
Regards
Dear Rajesh
Sir if the machinery being purchased in Vat regime & sold in GST regime then the GST will be charge on sale /transaction value.
If it is purchase in GST regime & no ITC was claim then As per Schedule 1, it will not consider as supply , hence No GST will be applicable (As Mr. Naveen has replied)
Sir if the machinery being purchased in Vat regime & sold in GST regime then the GST will be charge on sale /transaction value.
If it is purchase in GST regime & no ITC was claim then As per Schedule 1, it will not consider as supply , hence No GST will be applicable (As Mr. Naveen has replied)
Hello Sir
I have some query please help
1. if the machinery purchased in vat regime and sold in gst regime and the input vat was claimed then:- what will be the taxable value.
2. if the machinery purchased in gst regime and sold in gst regime and the gst input is taken then: what will be the taxable value.
3. if the machinery purchased in gst regime and sold in gst regime and the gst input is not taken then: what will be the taxable value.
1. gst on transaction value
2. gst applicable as per rule 44
3. no gst
Sir,
what will be transaction value if we sold machinery below book value for GST
1. TRANSACTION VALUE
2.TRANSACTION VALUE
3.NO GST WILL APPLICABLE
BELOW BOOK VALUE : STILL BE TRANSACTION VALUE , THE CONSIDERATION YOU RECED.
Dear Sir,
i have gone throw from your explanantion on the sale of capital goods and i have related query:-
If a dealer has purchased a machinery during VAT regime and has planned to sold the machinery during Gst regime in the month of July 19.what shall be the complete procedure for selling the same ?
Recent Threads
- Login credentials and payment acknowledgement not
- Export sales not realised payment not received fro
- Capital gain account amount utilisation
- Form 26QB – Section 194-IA: TDS on Full Cons
- Indexation Benefit available or not on Calculation
- Documents for return exhibition material
- Can I set off equity losses(both short term loss a
- Input tax credit on rent to rent
- Family Pension Army
- Waste Management services
Related Threads
CAclubindia
