GSTREGESTRATIONAPPLICABLE
This query is : Resolved
VIJAYRAJ L JOGANI
(Querist)
07 December 2019
IF A PERSON SALE A PERSONAL BELONGING AND THE SALE VALUE IS MORE THAN EXEMPTION LIMIT OF
GST (RS 40 LAKHS ) TO A BUSINESSMAN WHETHER HE IS LIABLE TO COLLECT AND PAY GST AND
REGESTRATION UNDER GST LAW??
GST (RS 40 LAKHS ) TO A BUSINESSMAN WHETHER HE IS LIABLE TO COLLECT AND PAY GST AND
REGESTRATION UNDER GST LAW??
07 December 2019
Not required to charge any GST, the transaction is not in course or furtherance of Business.
Gokul Sharma
(Expert)
07 December 2019
what do u mean by personal belonging
VIJAYRAJ L JOGANI
(Querist)
09 December 2019
personal belongings in my case is ancestral painting
JATIN DUGGAL
(Expert)
12 December 2019
In terms of Press Release issued by the CBIC on 13.07.2017, sale of personal belongings by an individual is not considered in the course of business, hence not liable to GST. however the matter is highly disputed. As per normal understanding personal belongings are understood to be personal assets, if you have not number of transactions in paintings, then you can take advantage of this press release.
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