Gst on stock in trade sold by lender bank
This query is : Resolved
13 July 2018
my employer who is in tobacco trading business has taken cash credit/ key loan on stocks and subsequently the account turned into NPA, the bankers ceased the stock and sold in auction. Can you please explain whether GST is payable on sale value by bankers by my employer
13 July 2018
Yes GST is payable by your employer as the stock belongs to you and you only availed ITC on it.
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