Second hand good purchased from ex employer (Bank)
Query (Issue) Started By: – vivin vijay Dated:- 17-3-2018 Last Reply Date:- 20-3-2018 Goods and Services Tax – GST
Got 8 Replies
GST
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) <\/p>\n
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Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n ar expert, on what will you consider GST if applicable, on the depreciated value which includes 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. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n ual to the Cenvat Credit taken on the said capital goods reduced by the percentage points 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. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" Second hand good purchased from ex employer (Bank) Query (Issue) Started By: – vivin vijay Dated:- 17-3-2018 Last Reply Date:- 20-3-2018 Goods and Services Tax – GSTGot 8 RepliesGSTDear 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 … Continue reading “Second hand good purchased from ex employer (Bank)”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-10958","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/10958","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10958"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/10958\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10958"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10958"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10958"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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\nReply By KASTURI SETHI:
\nThe Reply:
\nBank cannot be termed as a dealer by any stretch of imagination. By selling second hand goods Bank does not become a dealer at all.
\nReply By KASTURI SETHI:
\nThe Re<\/p>\n
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\n(i) for computers and computer peripherals :
\nFor each quarter in the first year @ 10%
\nFor each quarter in the second year @ 8%
\nFor each quarter in the third year @ 5%
\nFor each quarter in the fourth and fifth year @ 1%
\n(ii) for capital goods, other than computers and computer peripherals @ 2.5% for each quarter :
\nProvided 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 val<\/p>\n
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