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gst on repossession
to become a supply there should be consideration and should be in the course or furtherance of business what is the consideration for a property repossessed by bank
Replies (3)
Goods repossession by is not considered as supply but when such repossessed goods is resold gst is applicable
As proviso to Rule 32 (5) of the Central Goods and Services Tax Rule,2017 which says that in case of sale of repossessed goods from a defaulting borrower, who is not registered, the value of the output will be the difference between (a) actual sale price; or (b) depreciated purchase price, taking a depreciation of 5% per quarter or part thereof, from the date of purchase till disposal. The value of the output will be taken as nil, if (a) is less than (b).
As proviso to Rule 32 (5) of the Central Goods and Services Tax Rule,2017 which says that in case of sale of repossessed goods from a defaulting borrower, who is not registered, the value of the output will be the difference between (a) actual sale price; or (b) depreciated purchase price, taking a depreciation of 5% per quarter or part thereof, from the date of purchase till disposal. The value of the output will be taken as nil, if (a) is less than (b).
thank you pankaj
Sir,
CAN IT BE CONCLUDED THAT GST @ 18 % NEED TO BE LEVIED ON BANKS ON REPO SALE IN THE CASE WHERE A BORROWER DEFAULTS OR BECOME DELINQUENT .
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