My Client purchased a JCB Machine in the year 2015 on which VAT @ 5% was paid. The Client now intends to resell the said machine. Kindly advise on the applicable GST rate and relevant provision.
Menu
Query of GST
Replies (1)
Resale of the used JCB machine by a registered person would amount to supply under GST if made in the course or furtherance of business. JCB / earth-moving machinery generally falls under HSN 8429/8430 and attracts GST at 18%. Since the machine was originally purchased in 2015 for own use and not by a dealer in second-hand goods, the margin scheme under Rule 32(5) is generally not applicable. Accordingly, GST should ordinarily be charged on the full sale value.
Recent Threads
- Query of GST
- Long Term Capitalgains on sale of residential prop
- How Salaried Individuals Can Reduce Capital Gains
- NSTPI registration
- GST PAID IN DELHI
- How to Trade Forex in India?
- TDS - requirement of TDS by individual under presu
- Normal Register in GST in delhi in gujarat no rece
- ITC availment relationship
- Challan confusion in ITR B block return
Related Threads
CAclubindia
