Used Machineries

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Manager
528 Points Posted on 08 January 2022
Dear Experts,

1. We have an proposal to sell the used machine as a part of exchange, while purchasing the new machine.

2. The balance will be paid through the Bank transactions.

3. The purchase of new machine comes under IGST.

4. Query :

How we need to send the used machine to out supplier?

Whether we need to raise the invoice or not?.

what are the statutory compliances needed to follow?.
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On 08 January 2022 at 07:34 Report
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Quick Summary
This discussion explores the process of selling used machinery as part of a new machine purchase. Key questions revolve around the correct invoicing procedures for the used machinery, applicable statutory compliances, and the tax implications, specifically whether to use Reverse Charge Mechanism (RCM) or Forward Charge Basis for the transaction.

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Accountant
175 Points Posted on 08 January 2022
It would be better if you show the used machine as sales and purchase the new machine.
then pay the balance.
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On 08 January 2022 at 11:26
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Manager
528 Points Posted on 08 January 2022
Thank you Expert,

Also pl explain about Tax implications...

Either it would be invoiced on RCM basis or Forward Charge Basis.
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On 08 January 2022 at 19:37

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