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Second hand machinery purchase


Sudhanandan D (Accountant)     13 November 2019

Sudhanandan D
Accountant 
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Respected experts,

The firm I worked is recently purchased a second hand machinery with a supplier and no Invoice for the purchase. Please inform me the following.

1. Is GST is applicable for this purchase? and taken the same as Assest.

2. GST Rate for the same?

3. Is the same is booked under RCM 

Tally entry for assets & RCMs

Thanks in advance

 

RAJA P M ("Do the Right Thing...!!!")     13 November 2019

RAJA P M
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1. Is GST is applicable for this purchase? and taken the same as Assest.
- Yes, Gst applicable if supplier registered under GST. Yes, It can be under FA. (note : if Gst bill then basic value only in FA)


2. GST Rate for the same?
- As per New goods rate... Commonly it's under 18 percent bracket...

3. Is the same is booked under RCM
- No. If it's from URD supplier.

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Sudhanandan D (Accountant)     13 November 2019

Sudhanandan D
Accountant 
 39 points

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Thank you for the reply Sir.

The Purchase is from URD.

Since the purchase is from URD; the same has to booked under RCM .

Please help me to make necessary entries in Tally under RCM 

Thanks once again

 

RAJA P M ("Do the Right Thing...!!!")     13 November 2019

RAJA P M
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Rcm not applicable for the purchase from URD...

Dr. Capital Goods - Rs. XXXX
Cr. Supplier A/c - Rs. XXXX

So, Simple...

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VIKAS SAINI   14 November 2019

VIKAS SAINI

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Perfect solution raja sir.

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RAJA P M ("Do the Right Thing...!!!")     14 November 2019

RAJA P M
"Do the Right Thing...!!!" 
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Thank You Mr VIKASH SAINI...


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