Implication of GST & Income tax on purchase of a second hand machine
Query (Issue) Started By: – Kishore Padav Dated:- 8-5-2018 Last Reply Date:- 9-5-2018 Goods and Services Tax – GST
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GST
Our Company had sold an equipment to a customer (A) in May 2017 @ ₹ 20 lakhs (incl. CST). The customer (A) has paid us only ₹ 7 lakhs till date.He has expressed his inability to pay the balance ₹ 13 Lakhs and has asked the company to take back his machine or help him sell his machine. Now we have found a customer (B) who has agreed to purchase the machine @Rs.13 Lakhs from him. Since the company has to recover ₹ 13 lakhs from csutomer (A), it is insisting on getting the payment to be made directly to them by
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