Goods and Services Tax – Started By: – Uday P – Dated:- 1-7-2017 Last Replied Date:- 16-7-2017 – Sir, I understand that the threshold limit for compulsorily registering under GST is aggregate turnover of 20 lakhs. How is this turnover determined in case of a secondhand goods dealer,? Just to give an example Assuming I have purchased all secondhand goods from gst registered dealers during the year for a total of 18 lakhs and have sold the same for 21 lakhs. What will be my aggregate turnover?… Is it 21 lakhs or is it 3 lakhs? In this case will I have to register compulsarily for GST? Warm regards. – Reply By KASTURI SETHI – The Reply = Your turnover is 21 lakhs. – Reply By Uday P – The Reply = Sir, I am confused because going by the defin
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
a person dealing in buying and selling of second hand goods i.e. used goods as such or after such minor processing which does not change the nature of the goods and where no input tax credit has been availed on purchase of such goods the value of supply shall be the difference between the selling price and purchase price and where the value of such supply is negative it shall be ignored. – Reply By KASTURI SETHI – The Reply = You are to compute aggregate value for the purpose of threshold exemption as per Section 2(6) of CGST. You are referring to determination of value of supply as per Model GST Act. It is for different purpose. Now study CGST/SGST/IGST and not Model GST Act. Model GST was at draft level prior to enactment. – Reply By Pre
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
odel GST Act is not to be referred only various GST Acts are to referred. – Reply By Uday P – The Reply = Sir, just to make things more clear for me , in the above example of 18 lakhs purchase and 21 lakhs sale, if the dealer opts for registering under composite scheme will he be paying tax on 21 lakhs being the sale value as done generally in a composition scheme or he will have to pay tax on 3 lakhs that being the difference of purchase and sale prices as per rules for valuation of supply for secondhand goods traders. I am asking this because I want to know if the valuation rule for seconhand goods applies for both schemes , regular gst and also under composition gst or this valuation rule applies only for the normal GST scheme. – Reply B
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =