WebMay 25, 2024 · Itemised sale, i.e., when separate consideration is charged for different assets. In this article, we have made an effort to analyze GST implications on different forms of discontinuation/ transfers of business. 1. Closure of business without transfer of stock and other assets. This form of business discontinuation arises when a person sells ... WebJul 13, 2024 · NEW DELHI: The Revenue Department today clarified that sale of old jewellery as well as old vehicles by individuals will not attract any GST as the sale is not for furthering any business. Clarifying on Revenue Secretary Hasmukh Adhia's comments yesterday, the department issued a press statement saying it was informed at GST …
GST on sale of old & used Fixed Assets - YouTube
WebRecord the sale or disposal of an asset. In the Accounting menu, select Advanced, then click Fixed assets. Select the Registered tab. Click the asset number to open the asset details. Click Options, then select Dispose. Enter the details of the disposal. If you donated the asset, enter 0. Click Show Summary. Review the disposal summary. WebMay 10, 2024 · Gst will be levied on sale of equipment as it will amount transfer of asset. Value will be WAV or sale price whichever is less. However if you are trader, in second hand goods then not applicable, provided sale value is less than WDV. ... We are selling our Old UltraSonography machine,which was purchased on 23/03/2011 for ₹ 18,59,000. manhunt as assault victim 42 left fighting
New Rule On Hallmarking And Sale Of Gold Items Extension Of …
WebGST/HST memorandum 14-4 December 2010. NOTE: This version replaces the publications listed below under "Cancelled policy statements". Section 167 of the Excise Tax Act (the Act) contains provisions for two elections that apply to the sale of a business and its assets. The election under subsection 167(1) applies to the sale of a business or … WebSep 20, 2024 · GST on sale of scrap or waste by Government Departments In this respect, we will refer to Circular No. 76/50/2024- GST dated 31st December 2024 which provides clarification on issues in respect of the sale of used vehicles, seized and confiscated goods, old and used goods, waste, and scrap by Government departments. WebJul 1, 2024 · Disclaimer: Rates given above are updated up to the GST (Rate) notification no. 05/2024 dated 16th October 2024 to the best of our information. We have sourced the HSN code information from the master codes published on the NIC's GST e-Invoice system. There may be variations due to updates by the government. Kindly note that we are not … manhunt auburn al police shooting