Margin Scheme in GST - GST Law and Procedure [January, 2019] - GST

..... nter the supply and the economic supply chain. Valuation of Second Hand Goods: As per Rule 32(5) of the CGST Rules, 2017, where a taxable supply is provided by a person dealing in buying and selling of second hand goods i.e., used goods as such or after such minor processing which does not change the nature of the goods and where no input tax credit has been availed on the purchase of such goods, the value of supply shall be the difference between the selling price and the purchase price and whe .....

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Margin Scheme in GST - GST Law and Procedure January, 2019 - GST

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..... also there in respective SGST Acts. Illustration: For instance, a company say M/s First Source Ltd, which deals in buying and selling of second hand cars, purchases a second hand Maruti Celerio Car of March, 2014 make (Original price ₹ 5 lakh) for ₹ 3 lakhs from an unregistered person and sells the same after minor furbishing in July, 2017 for ₹ 3,50,000/-. The supply of the car to the company for ₹ 3 lakh shall be exempted and the supply of the same by the company to it .....

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Margin Scheme in GST - GST Law and Procedure January, 2019 - GST

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