Dear Experts,

A registered jeweler purchase old gold ornaments worth Rs. 50,000/- from his customer (Unregistered) and in exchange of that sale new gold ornaments worth Rs. 1,00,000/- to the same customer. Then on which value GST shall be collected on Rs. 50,000/- or on Rs. 1,00,000/- for this transaction.

Jeweler will receive only Rs. 50,000/- in cash/bank and the rest Rs. 50,000/- in form of old gold.

Thanking You
Nirmal Dave

Dear Friends,

I shall be grateful if you can share your opinion on the GST liability of a A Pvt Ltd company which sold a used car recently. The company is not registered in GST as there is no turnover in the company. The facts are as follows:

Car was originally purchased in 2012 for Rs 7.50 lacs app, Sold in Nov, 2023.
Sale Consideration amount Rs 2.50 Lacs.
WDV of the car on 31/03/2023 as per last audited balance sheet.

1) As per Companies Act,2013 : Rs 37108
2)As per Income Tax Act : Rs 1.26 lacs

Profit and loss on sale of car
1) As per companies Act- Profit-- 2.13 lacs
2) As per IT Act- Profit-- Rs 1.24 lacs

My queries are :
1)Is the company liable to pay GST on sale of car and at what rate.
(At present the company does not have GST number)

2)If there is any tax applicable in case of sale of company car please inform.

Please give valuable advice in the above matter.

Thanks & regards
N Kadam

Dear Sirs - please let me know - (1) Is TDS is deductible on interest part , if loan is taken from financial institutions and paid on EMI basis for car, term loan for machinery.... (2) Similarly Is TDS is deductible on interest part , if loan is taken from *Government / Private Banks* and paid on EMI basis for car, term loan for machinery... Kind Regards

We have purchased a flat in ahmedabad which had three owners( my wife, myself and my mother in this order).
My mother has agreed to remove her name voluntarily without any financial consideration.
Which process I follow to ensure that I avoid paying higher stamp duty and other charges ?
I was told that gift deed route will still attract stamp duty in Gujarat ( and the rate of which is around 3 to 4 %).
Not sure about the actual process.

Can I try relinquishment deed for my mother to give away her rights in the flat as co owner? Is such deed applicable only for ancestral property or it can be used for non- ancestral property ( as in my case) ?

Also - while executing any of the above , is mother's presence required for the process in ahmedabad ( she is a super senior citizen residing outside Gujarat and with restriction on her movements due to age related leg issues )
Please advice.

Inventory and Capital goods purchased before the GST regime and Cenvet credit has taken now Company declare this items as obsolete inventory my question is that Cenvet credit taken before GST regime needs to be reversed in GST Regime.

Dear Experts,
1 A company pays Rs 45,0000.00 to the service provider after deducting the TDS u/s 194C
2 After the certain period, the same service provider provides the service for the amount of Rs 20,000.00
3 Upto this second time service provided by him, the total trasaction value does not cross Rs 1,00,000.00
4 The query
Whether the company needs to deduct the TDS on this second time payment.
Since upto this second time payment, it does not cross the limit of Rs 1,00,000.00
Or once the TDS attracts, it needs to be followed in subsequent transactions.

Is the issue scn u/s 144 of income tax act in nov 2023 is valid if the escaped income of capital gains sale consideration is more than 50l and after taking the indexed cost of acquisition is less than 50L for the AY 2016-17. Notice u/s 142 is issued in MArch 2023 and is not responded. Kindly clarify

Thanks in advance

What is accounting group of income tax paid on demand or GST.

Dear Sir / Madam,

Kindly advise on depreciation rate on Soun box machine connected with QR code.

Can we treated it as Computer and apply 40% Rate?

Dear professionals,

The Karnataka Electricity Board has sanctioned a power supply to a particular industry and has levied some conditions to it and one of the conditions prescribed is payment of GST on supervisory charges and the SBC(SWACHH BHARAT CESS) in respect of GST we can now pay by logging into the GST Portal and now the question is
How do I make payment of SBC?
Further I tried to log in to the portal https://cbec-easiest.gov.in/EST/ but it has become redundant
Hence I request you to kindly clarify the issue.