GST applicability on sale of used fixed assets in business
A GST registered wants to sale a truck which he uses in the business and shown in the books as fixed assets, which now has been banned by the authority, whether he needs to collect GST on such sales of fixed assets?
What will be the GST on the instalment amounts payable on or after 1-7-2017 of ongoing construction flats in respect of the following cases:- (A) One Customer has paid 65% of the instalment amount before 1-7-2017 and he/she has to pay the balance instalments of 35% only after 1-7-2017; (B) Another Customer has paid 10% of the instalment amount before 1-7-2017 and he/she has to pay the balance instalments of 90% after 1-7-2017; (C) The builder is claiming GST @12% on the original instalment amount without lowering the instalment amount in both the cases. Is it correct ? If not what remedy is availabe for the consumers ? more
Dear Quasim YES charge GST at 28%.Practically the buyer,if an individual will not pay GST on used vehicle.The sellet has to reverse calculate and remit to Gov more
Please check, I think GST @ 28% would be applicable. Simply because the provision doesnt differentiate between 1st hand or second hand or used sale of goods. GST is applicable whenever any sale would take place. more
Hello www.send_newpost++iybbvviyiyfdtr++iyaeiybbtrmqfd@localcirclesmail.com, Due to High Workload, I am Currently Checking and responding to email twice a day at 12:00pm(IST) and 4:00pm(IST) If you require urgent assistance that cannot wait either 12:00pm or 4:00 pm,please contact me directly on my cell phone. Thank you for understanding this move to more efficiency and effectiveness.It helps me accomplish more to serve you better. Sincerely, Vijay Chaudhari. more
My cousin’s friend runs a local bakery in Goa. He accepts only CASH. No UPI/CC/Debit Card-- nothing! Logic: if he accepts anything in 'white', he will pay around...
Interesting how poor people and commoners pay GST on pretty much everything they buy from biscuits to namkeen, milk to grocery And rich buys iPhone, Luxury Cars, etc as Business Expenses...
Cut & polished diamonds are charged 1.5% GST. Flour & curd are charged 5% GST. Diamond walas can fund politics but aate dahi doodh walas can’t?? Plea...
The GST Council has recommended 5% GST on dairy items like pre- packed, pre-labeled curd, lassi and butter milk and increasing GST on dairy machinery and milking machines from 12% to 18%. This move...
Bicycle will attract a GST rate of 12%, but diamonds will attract only 0.25%. At a time when people aren't able to afford petrol & the poor are forced to commute on cycles, the govt charges 12%...
The Private tutors and coaching classes runners should be registered by the local authorities like Panchayats, municipalities and metros through simple forms with names, addresses of operators, the...
Rs6.14 lakh crore as input tax credit (ITC) remains blocked under Rule 86A by the tax authorities without any due process being followed. Attached is data by state. Can LocalCircles take up this is...
Dear All, I live in an affordable housing society under PMAY in Gurgaon for the past two years. Maintenance is supposed to be free for five years. Builder has increased CAM charges twic...
The leaders of the Govt, the babus of the Govt are very clueless LocalCircles and we have not done enough to wake up these people. Read below: 5% GST on COVID vaccine. 28% GST...
What's the most taxed product in India? It's not cigarettes, a can of aerated beverage or a bottle of whisky or beer. It's an AUTOMOBILE. It attracts the highest GST rate of 28% & a cess o...
By Sunita Varghese
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