Sale of Old Machinery

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..... Sale of Old Machinery
Query (Issue) Started By: - Rajendra Prasad Dated:- 19-8-2020 Last Reply Date:- 26-12-2020 Goods and Services Tax - GST
Got 8 Replies
GST
Dear Sir, I am owning a Factory. The product is exempt under VAT Act and GST Act. I have set up this unit 10 years back. No ITC was taken either in the VAT Law / GST Law. Now also the factory is not registered under GST as sa .....

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..... le is fully exempt. Now I am seeling the old Plant & Machinery for ₹ 75.00 Lacs. Is the transaction liable for GST. Reply By Rajagopalan Ranganathan: The Reply: Sir, The reply to your query is 'no' since you manufacture exempt goods and you have not availed input tax credit of tax paid on capital goods. Reply By YAGAY andSUN: The Reply: In this connection you need to give refe .....

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..... rence of your old Invoice against which you had procured such P&M without availing the CENVAT and ITC Credit, while selling the goods by issuance of Bill of Supply. Fixed asset register and a certificate from CA will also required. Reply By KASTURI SETHI: The Reply: I support the views of both experts. Reply By SHARAD ANADA: The Reply: It is supply as per section 7 of CGST Act. The machinery i .....

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..... tself is not exempt. Value of supply is more than 20 lakh you need GST regn. also. In my view you have to pay GST @ rate as per HSN of machinery you are going to sale. Reply By Resham Sidhu: The Reply: I agree with Mr Sharda Nanda Reply By A SUBRAHMANYAM: The Reply: The products sold by them are exempted and not the Machinery they sell when it is valued more than 20 lakhs. The activity is lia .....

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..... ble for GST Reply By Guravaiah Manam: The Reply: IT IS TAXABLE Reply By AM Sameer: The Reply: The Transaction is taxable irrespective of INPUT TAX Credit availed or not
Discussion Forum - Knowledge Sharing .....

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