Sale of Old Machinery

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... Dear Sir, I am owning a Factory. The product is exempt under VAT Act and GST Act. I have set up this unit 10 years back. No ITC was taken either in the VAT Law / GST Law. Now also the factory is not registered under GST as sale is fully exempt. Now I am seeling the old Plant Machinery for ₹ 75.00 Lacs. Is the transaction liable for GST. - Reply By Rajagopalan Ranganathan - The Reply = .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... Sir, The reply to your query is 'no' since you manufacture exempt goods and you have not availed input tax credit of tax paid on capital goods. - Reply By YAGAY andSUN - The Reply = In this connection you need to give reference of your old Invoice against which you had procured such P M without availing the CENVAT and ITC Credit, while selling the goods by issuance of Bill of Supply. .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... Fixed asset register and a certificate from CA will also required. - Reply By KASTURI SETHI - The Reply = I support the views of both experts. - Reply By SHARAD ANADA - The Reply = It is supply as per section 7 of CGST Act . The machinery itself is not exempt. Value of supply is more than 20 lakh you need GST regn. also. In my view you have to pay GST @ rate as per HSN of machinery you .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... are going to sale. - Reply By Resham Sidhu - The Reply = I agree with Mr Sharda Nanda - Reply By A SUBRAHMANYAM - The Reply = The products sold by them are exempted and not the Machinery they sell when it is valued more than 20 lakhs. The activity is liable for GST - Reply By Guravaiah Manam - The Reply = IT IS TAXABLE - Reply By AM Sameer - The Reply = The Transaction is taxable irrespe .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ctive of INPUT TAX Credit availed or not - Sale of Old Machinery - Query Started By: - Rajendra Prasad Dated:- 19-8-2020 Goods and Services Tax - GST - Got 8 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

→ Full Text of the Document

X X   X X   Extracts   X X   X X