Sunday, 16 July 2017

FinMin : GST payable on difference amount on supply of second hand goods

FinMin notifies margin scheme under GST clarifying that GST on supply of second hand goods to be payable on difference between the selling price and the purchase price in terms of Rule 32(5) of CGST Rules, 2017, however where the value of such supply is negative, same shall be ignored; Further, states that Central Tax is exempted in case of intra-state buying and selling of second hand goods where the supplier is not registered since ITC is not available on such supplies; Moreover, states that margin scheme is also applicable to supplies of old and used empty bottles : FinMin Press Release  

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