Goods and Services Tax – Started By: – Vineet Kt – Dated:- 1-8-2018 Last Replied Date:- 28-8-2018 – Sir,I am employee of a bank and had availed furniture reimbursement facility from the Bank. Now I have resigned and the bank is charging gst on the wdv of the household items so that the ownership can be transferred in my name. Please clarify if gst is applicable or not. No ITC was claimed as the items were purchased in the pre-gst regime(vat). – Reply By Alkesh Jani – The Reply = Sir, Although No ITC was taken, GST is applicable on transaction value.Thanks – Reply By Ganeshan Kalyani – The Reply = GST will be charged / collected from you by the Bank and pay to the government. The tax can be inclusive of the price or exclusive. It depends up
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my view if you bank had taken credit in past then the gst payable in only on the differential value. – Reply By Vineet Kt – The Reply = Thanks Sir. Understood now. – Reply By Ganeshan Kalyani – The Reply = Welcome Sir. – Reply By DR.MARIAPPAN GOVINDARAJAN – The Reply = Nice explanation by Shri Ganeshan – Reply By Ganeshan Kalyani – The Reply = Thank you Sir. – Reply By Ramaswamy S – The Reply = At the time of purchase of asset, the asset was in the name of the employer and the depreciation was claimed by the employer. The value of the asset was treated as perks in the hands of the employee and IT was charged.At the time of transfer of asset (pre GST), VAT is charged on the value of the asset transferred. Under GST, instead of VAT, CGST+SGST
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