GST applicability on sale of used fixed assets in business
A GST registered wants to sale a truck which he uses in the business and shown in the books as fixed assets, which now has been banned by the authority, whether he needs to collect GST on such sales of fixed assets?
Your views on this will be appreciated. more
Your views on this will be appreciated. more
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What will be the GST on the instalment amounts payable on or after 1-7-2017 of ongoing construction flats in respect of the following cases:- (A) One Customer has paid 65% of the instalment amount before 1-7-2017 and he/she has to pay the balance instalments of 35% only after 1-7-2017; (B) Another Customer has paid 10% of the instalment amount before 1-7-2017 and he/she has to pay the balance instalments of 90% after 1-7-2017; (C) The builder is claiming GST @12% on the original instalment amount without lowering the instalment amount in both the cases. Is it correct ? If not what remedy is availabe for the consumers ? more
Sep 28
Dear Quasim YES charge GST at 28%.Practically the buyer,if an individual will not pay GST on used vehicle.The sellet has to reverse calculate and remit to Gov more
Sep 28
Please check, I think GST @ 28% would be applicable. Simply because the provision doesnt differentiate between 1st hand or second hand or used sale of goods. GST is applicable whenever any sale would take place. more
Sep 27
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Sep 27
Yes. In CENVAT & VAT regime he would have availed input credit so also in the GST regime the buyer would be entitled to input credit. more
Sep 27
