Goods and Services Tax – Started By: – vivin vijay – Dated:- 17-3-2018 Last Replied Date:- 20-3-2018 – Dear expert, I am currently working in bank, wherein I have purchased furnitures under the furniture allowance of the bank, the purchsses were made in 2015 and 2016, wherein I had paid VAT, (GST was not implemented at that time), these furnitures were purchased in the name of bank, now since I am leaving the organization , I have to purchase it back from the bank at depreciated cost, my bank while has depreciated the value, but has charged me GST on the depreciated value , my question is is GST applicable? Does it not come under the section 32(5) , where in a second hand good will not come under GST as the selling price is Lower than purc
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cludes VAT as well ? Currently, the value including GST , makes the price of the second hand good which was purchased two years become more expensive then it's purchase price , as the the GST ranges between as high as 28 percent on the LCD and 18 percent on the furniture. Also one more question since in this transaction the bank is a seller of furniture hence by the nature it becomes a dealer even though the principal activity is not to sell furniture. – Reply By KASTURI SETHI – The Reply = Bank cannot be termed as a dealer by any stretch of imagination. By selling second hand goods Bank does not become a dealer at all. – Reply By KASTURI SETHI – The Reply = Dear Querist, Peruse replies of Sh.Sanjay Malhotra, C.S. in respect of Issue ID
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nts calculated by straight line method as specified below for each quarter or a year or part thereof from the date of taking the Cenvat Credit, namely.(i) for computers and computer peripherals : For each quarter in the first year @ 10% For each quarter in the second year @ 8% For each quarter in the third year @ 5% For each quarter in the fourth and fifth year @ 1% (ii) for capital goods, other than computers and computer peripherals @ 2.5% for each quarter :Provided that if the amount so calculated is less than the amount equal to the duty leviable on transaction value, the amount to be paid shall be equal to the duty leviable on transaction value.(b) If the capital goods are cleared as waste and scrap, the manufacturer shall pay an amoun
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