Tax Management India. Com
                        Law and Practice: A Digital eBook ...
TMI - Tax Management India. Com
Case Laws Acts Notifications Circulars Classification Forms SMS News Articles
Highlights
D. Forum
What's New

Share:      

        Home        
 
Discussions Forum
Home Forum Goods and Services Tax - GST This
A Public Forum.
Anyone can participate to share knowledge.
We acknowledge the contributions of Experts/ Authors.

Submit new Issue / Query

← Previous Next →

GST on re-possessed asset by Nationalized Bank, Goods and Services Tax - GST

Issue Id: - 116587
Dated: 29-7-2020
By:- SHARAD ANADA
GST on re-possessed asset by Nationalized Bank

  • Contents

A nationalized bank repossessed assets from defaulting borrower who is registered under GST. The original cost of plant and machinery purchased by the borrower before 2 years was 50 lakh and GST paid by him was 9 lakh. Bank is able to sale this machinery at 25 lakh. Amount outstanding in the borrower account is 27 lakh. On what value GST will be applicable.

Post Reply

Posts / Replies

Showing Replies 1 to 2 of 2 Records

1 Dated: 29-7-2020
By:- DR.MARIAPPAN GOVINDARAJAN

In my view margin scheme under Rule 32(5) will be appliable. Since the second sale is less than the first sales, no GST will be attracted.

Views of experts are solicited.


2 Dated: 31-7-2020
By:- Mahir S

If the Assets is repossessed from the defaulting borrower, then purchase price (of second hand purchaser -- herein Bank) in such case will be calculated as Original Purchase price less Five percentage points for every quarter or part thereof.


1

Post Reply

← Previous Next →

|| Home || About us || Feedback || Contact us || Disclaimer || Terms of Use || Privacy Policy || Database || Members || Refer Us ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.
|| Site Map - Recent || Site Map || ||