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TMI BlogSale of MachineryX X X X Extracts X X X X X X X X Extracts X X X X ..... Hello Experts, My client is having machinery which he had bought in 2016 , since there is no business he closed down the factory . Now he is selling machinery worth 32 lakhs to Bangalore. 1. Whether he needs to take registration in gst , since the turnover exceeds 20 lakhs ? 2. Will it come under the definition of business as it not continuous. Thanks in advance. - Reply By KASTURI SETHI - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The Reply = Threshold exemption limit for goods has been increased to ₹ 40/-. from 1.4.2019. States were given option whether to increase the limit to ₹ 40 lakhs or not. - Reply By KASTURI SETHI - The Reply = Pl. read as increased to ₹ 40 lakhs . Were you registered with the department in 2016 when you purchased machinery ? If so, whether you have taken credit on the sai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d machinery at that time ? Sale of old and used machinery falls under the definition of supply under CGST Act as this supply is in the course of business. It is evident this sale/supply will be from B2B and not from B2C. Pl.reply to my questions so that correct reply be posted. - Reply By Balaji Biradar - The Reply = Sir it's an interstate sale so 40 limit will not be applicable f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or him. Yes he was registered under vat and itc was availed . - Reply By KASTURI SETHI - The Reply = Follow Section 18(6) of CGST Act read with Rule 40(2) of CGST Rules . You shall pay the amount equal to input tax credit taken as reduced by 5% point as per Rule 40(2) or on the transaction value under Section 15 , whichever is higher. - Sale of Machinery - Query Started By: - Balaj ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... i Biradar Dated:- 2-5-2019 Goods and Services Tax - GST - Got 4 Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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