Hello,I have setup Polyhouse which is under agriculture in 2017-18 in the individual name.I am not registered under the GST as it is for farming.Now I want to sale my Polyhouse.The sale amount is much lower than the cost price.At the time of purchase I have not availed any credit also.Now I want to sale the assets either in the same state or to another state.Just wanted to know if I will be liable for any GST or any registration for sale.
11 Replies
CA. Heet Shah
(Tax Consultant & Practitioner)
(6180 Points)
Replied 31 October 2020
| Originally posted by : Rajesh Dalmiya | ||
 |
Hello,I have setup Polyhouse which is under agriculture in 2017-18 in the individual name.I am not registered under the GST as it is for farming.Now I want to sale my Polyhouse.The sale amount is much lower than the cost price.At the time of purchase I have not availed any credit also.Now I want to sale the assets either in the same state or to another state.Just wanted to know if I will be liable for any GST or any registration for sale. |  |
If the value sale amount exceeds threshold then u are liable for gst regn.
CA. Heet Shah
(Tax Consultant & Practitioner)
(6180 Points)
Replied 31 October 2020
Since it is going to be one time sale you may apply for Casual taxable person .
Rajesh Dalmiya
(Proprietor)
(30 Points)
Replied 31 October 2020
Didn't got you.It will be nice if you can explain it in details
CA. Heet Shah
(Tax Consultant & Practitioner)
(6180 Points)
Replied 01 November 2020
Just take a registration as casual taxable person to ignore other gst compliances.
Pankaj Rawat
(GST Practitioner)
(55052 Points)
Replied 01 November 2020
As per Section 7 of CGST it's an supply as consideration is involved. means you are getting consideration for sale of Assets.
But , In term of Section 22 , the threshold limit to obtain Registration in case of supply of Goods is 40 lac . So if the transaction value for sale of asset is exceeding 40 lac you are required to obtain GST Registration & need collect & deposit GST on same.
But , In term of Section 22 , the threshold limit to obtain Registration in case of supply of Goods is 40 lac . So if the transaction value for sale of asset is exceeding 40 lac you are required to obtain GST Registration & need collect & deposit GST on same.
Rajesh Dalmiya
(Proprietor)
(30 Points)
Replied 01 November 2020
Hello, The same will be applied if we sell the goods from one state to another state also
Rajesh Dalmiya
(Proprietor)
(30 Points)
Replied 01 November 2020
The same will be applied if we sell the goods from one state to another state
Pankaj Rawat
(GST Practitioner)
(55052 Points)
Replied 01 November 2020
yes agree with mr. rajesh ,in term of section 24 cgst act urd cannot supply interstate
CA. Heet Shah
(Tax Consultant & Practitioner)
(6180 Points)
Replied 01 November 2020
| Originally posted by : Rajesh Dalmiya | ||
|
Hello, The same will be applied if we sell the goods from one state to another state also | |
Yes same would apply in case of interstate transaction too .However Cgst nd sgst or igst would depend on Ur asset
CA. Heet Shah
(Tax Consultant & Practitioner)
(6180 Points)
Replied 01 November 2020
If Ur asset is immovable property u would chg c+s otherwise igst if buyer is located in other state
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