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Please Help: SALE OF OLD MACHINE

Posted Date : 06-Jul-2019 , 10:41:38 am | Posted By: Deepak Singal

Category : GST | Answers : 0| Comments : 1| Hits: 282

If plant & machinery purchased after 01.07.2017 and ITC was not claimed of those machines in the return then if we sale those machines now then is it cover under supply definition?? and if yes then how and will GST be charged on this sale transaction??

Comments
Posted By : Rishab Jain 06-Jul-2019, 09:00:26
As per sec 7 of CGST Act, 2017, it will cover under the definition of supply if the sale is for consideration or sale is made to related party without consideration. As per Sec 15 of CGST Act, If sale is made to unrelated party then transaction value shall be the value for levying GST. that means sale price shall be value. but if sale is made to unregistered party then valuation rule shall apply and accordingly the recipient is a registered person then also we can take the sale price as transaction value. I am just sharing my opinion according to my understanding. so if you found otherwise then please share with me. and in case of further any query, you can freely ask.
 

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