Applicability of GST on Sale of Mortgaged Movable Property
This query is : Resolved
Quick Summary
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
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
06 January 2022
Dear Sir,
Thanks a lot for the information and support.
Thanks a lot for the information and support.
06 January 2022
You are welcome.............
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Purchase of property from NRI
- Seeing a huge entry in AIS Purchase of time deposits (SFT-005), what it is for
- CESS not claimed in GSTR3B either in inward supplies or outward supplies for the period Oct2025
- NRI get transferred fund from his own Indian account to his foreign US account without any approval
- Query related to CA/CS/CMA Firm
- How to pay tds on mhada property
- Value of Perquisite Sec.10 (10CC)
- Eway bill and e invoice for exempt and nill rated goods
- Taxability and TDS treatment on Crypto futures
- ITC claim on vehicle parts and repairing
- TAX AAPLICABLE TO SUPPLY OF FRESH FRUIT JIUCE
- ITR WITH 0 TURNOVER
- Multiple GST under same PAN
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
- Query regarding reporting of exempt foreign remuneration in ITR (AY 2026-27)
- FEMA/RBI treatment — Amazon.ca arbitrage (US buy, Canada sell, goods never enter India)
- Goods return by customer
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
