1. gst applicability - a) if the machinery purchased in vat regime and sold in gst regime
b) if the machinery purchased in gst regime and sold in gst regime
pls advise us on both the cases, if gst credit availed and if gst credit not availed
From India, Gurgaon
b) if the machinery purchased in gst regime and sold in gst regime
pls advise us on both the cases, if gst credit availed and if gst credit not availed
From India, Gurgaon
Dear friend,
This is a forum mainly focusing on HR related issues. Sales Tax matters to be raised in different forum. However here are some views on your queries.
You haven't mentioned whether the machinery purchased is for trading (buying & selling) or your capital goods considered for disposal as scrap. So there are different views based on the nature of the transactions.
However for your information, the diff.situatios are -
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. GST on Taxable value i.e., the consideration invoiced/to be received.
If the machinery being purchased in Vat regime & sold in GST regime then the GST will be charged on sale /transaction value.
If it is purchased in GST regime & no ITC was claimed then as per Schedule I, it will not be considered as supply, hence No GST will be applicable.
Disclaimer will apply.
Read more at: https://www.caclubindia.com/forum/gs...ery-472557.asp
With regard to a business dealing in second hand machinery the opinion is as attached and other relevant issues are discussed therein. This will help you in assessing the position.
From India, Bangalore
1077This is a forum mainly focusing on HR related issues. Sales Tax matters to be raised in different forum. However here are some views on your queries.
You haven't mentioned whether the machinery purchased is for trading (buying & selling) or your capital goods considered for disposal as scrap. So there are different views based on the nature of the transactions.
However for your information, the diff.situatios are -
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. GST on Taxable value i.e., the consideration invoiced/to be received.
If the machinery being purchased in Vat regime & sold in GST regime then the GST will be charged on sale /transaction value.
If it is purchased in GST regime & no ITC was claimed then as per Schedule I, it will not be considered as supply, hence No GST will be applicable.
Disclaimer will apply.
Read more at: https://www.caclubindia.com/forum/gs...ery-472557.asp
With regard to a business dealing in second hand machinery the opinion is as attached and other relevant issues are discussed therein. This will help you in assessing the position.
From India, Bangalore
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GST applicability on liquidated damages, compensation and penalty arising out of breach of contr.pdf