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GSTREGESTRATIONAPPLICABLE

This query is : Resolved 

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??


Not required to charge any GST, the transaction is not in course or furtherance of Business.

what do u mean by personal belonging

personal belongings in my case is ancestral painting

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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