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Machinery goods

24 May 2022

I have a generator (which I purchased 2006 on 10 lakh rupees) now I want to sale this generator on 4.0 lakh , Can I sale generator without gst or including gst ( 4.72 lakh)

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7 Replies

Vasudevan C P (403 Points)
Replied 24 May 2022

If u r registered under GST, gst shall be collected on the occasion of sale whether goods or FA. suggest u to bill with tax also

Imthias ahamed Kormath (910 Points)
Replied 24 May 2022

If u are Regd dealer, old tax has already been claimed as ITC on the basic of ur turnover.while u sale it u issue an supply invoice,which may collect as gst and paid to govt.or if it purchase by a Regd dealer from a URP,the Regd dealer issue an invoice ,gst paid to govt during the last of that months.

Kesavaraj S (578 Points)
Replied 24 May 2022

GST is to collected on Difference value (sale value-wdv)if it is a gain otherwise It is shown as Exempted sales...

Ravita Jain (78 Points)
Replied 25 May 2022

If your sale proceeds are over your WDV then you have to charge the gst on the difference of sale amount and WDV.

satish kumar Chauhan (accountant) (344 Points)
Replied 25 May 2022

A tax bill to be issued + GST

CA Puja Sharma (Chartered Accountant) (4874 Points)
Replied 25 May 2022

GST will be charged on the sale of the generator if you are a registered dealer.

If the generator is sold at a price lesser than the WDV no GST will apply to this transaction.

Imthias ahamed Kormath (910 Points)
Replied 25 May 2022

It is an earning income on this part of seller.who will b paid gst on the differencem value.Not calculated Depreciation of goods for this purpose, because which has already been calculated for past years,which will b shown in the Balance sheet of the taxp payer.