Applicability of GST on Sale of Mortgaged Movable Property
This query is : Resolved
Quick Summary
ABDUL SALAM
(Querist)
03 January 2022
Dear Sir,
Please educate me on the following...
Situation:
Being a secured creditor, A Bank has sold Mortgaged Movable Property (Plant & Machinery) of the borrower through an auction.
Questions:
1) Does the Bank need to charge GST on the sale value of the mortgaged movable property ? If yes, what would be the GST Rate ?
2) What kind of documents the Bank needs to be issued ?
Thank you Sir
Please educate me on the following...
Situation:
Being a secured creditor, A Bank has sold Mortgaged Movable Property (Plant & Machinery) of the borrower through an auction.
Questions:
1) Does the Bank need to charge GST on the sale value of the mortgaged movable property ? If yes, what would be the GST Rate ?
2) What kind of documents the Bank needs to be issued ?
Thank you Sir
CA R SEETHARAMAN
(Expert)
03 January 2022
See the link.
https://www.google.com/amp/s/taxguru.in/goods-and-service-tax/gst-implications-repossessed-goods.html%3famp
https://www.google.com/amp/s/taxguru.in/goods-and-service-tax/gst-implications-repossessed-goods.html%3famp
Message likes :
1 times
ABDUL SALAM
(Querist)
06 January 2022
Dear Sir,
Thanks a lot for the information and support.
Thanks a lot for the information and support.
CA R SEETHARAMAN
(Expert)
06 January 2022
You are welcome.............
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