GST on buy back item.

3940 views
User Avatar

13 Points Posted on 08 July 2020
Dear Sir,

we are Tv manufacturer from Maharashtra. we are selling tv's in govt. tenders in which it had a condition that we need to buy back tv's after 10 years at price we have decided at this time. Please confirm what gst rate will be applicable on the buy back tv????
0 Reply Share Follow
On 08 July 2020 at 17:08 Report
Replies (7)
Quick Summary
This discussion addresses the Goods and Services Tax (GST) implications for TV manufacturers buying back old televisions after a 10-year period, as stipulated in government tenders. The core question revolves around the applicable GST rate on these buy-back transactions and whether they should be treated as sales returns. Experts suggest that GST will indeed be applicable on the buy-back price, as it constitutes a supply. The rate will be determined by the prevailing GST rate on TVs at the time of the buy-back, not the original sale date.

User Avatar

article
141 Points Posted on 08 July 2020
U consider it as your sales return?
Reply
On 08 July 2020 at 17:17
User Avatar

13 Points Posted on 08 July 2020
We will buy back tv (Sales Return) after 10 years at predetermined price.
Reply
On 08 July 2020 at 17:23
User Avatar

article
141 Points Posted on 08 July 2020
If it is of vat period, then i think no need to mention gst on the commercial credit note
just issue commercial credit note
Reply
On 08 July 2020 at 17:27
User Avatar

4 Points Posted on 08 July 2020
GST will be applicable on this transaction when you buy back at the price decided as per the agreement. Understand GST is levied on supply. In your case you are selling and then buying it- GST applica
Reply
On 08 July 2020 at 17:39
User Avatar

13 Points Posted on 08 July 2020
What rate of GST is applicable on buy back item? 28 % or 18 %.
Reply
On 08 July 2020 at 17:40
User Avatar

Assistant Manager
787 Points Posted on 09 July 2020
The rate prevailing on the date of buying back ( after 10yrs) on supply of TV's to be considered.
Reply
On 09 July 2020 at 11:27
User Avatar

4 Points Posted on 09 July 2020
Rate at the time of buy back
Reply
On 09 July 2020 at 12:13

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. GST Reconciliation Tool (2A vs Books) - looking fo
  2. TDS ON PF FORM 19 WITHDRAWAL
  3. Can a virtual office in Mumbai be used for company
  4. Eway and e invoicing in condition where 4 party ar
  5. Bank balance in ITR-3
  6. INCLUDING PROFITS FROM REIT / INVIT IN SHARE TRADI
  7. Tempsens Instruments IPO GMP Allotment Listing dat
  8. Upload Type - Correction. Not showing in TDS filli
  9. Partnership tax audit query
  10. ERROR SHOWING PARTNER REMUNERATION ITR 3 TIME OF V

More recent discussions | Post

Related Topics :

Loading