GST on second hand Goods- Margin Scheme- Taxwink

Posted By : Shivanigupta on 2022-01-20   23:41:58    India
  gst margin scheme margin scheme under gst margin scheme for second hand goods margin scheme for second vehicles gst rate on margin scheme rule 32(5) of cgst rules gst on second hand machinery gst on sale of second hand laptop gst on sale of second hand fixed asset gst goods & service tax

Description

We all are aware that GST is chargeable on the “Transaction Value” of the goods as per the GST laws. But, in the case of second-hand goods, the dealer can opt for the “Margin Scheme(goods & service tax,gst on second hand,)” and pay tax on the margin amount only. If the margin is negative, no tax is payable. In this article, we will discuss the concept of the “Margin Scheme”.

After the introduction of GST, one of the most complicated issues before the authorities was “Tax implication on sale of used or second-hand goods”. The Government took note of the issue timely and brought necessary changes in GST laws by simplifying the provisions related to second-hand goods. The Government introduced a “Margin Scheme” under GST for those taxpayers who are dealing in second-hand or used goods.




About Author

Shivanigupta California City United States
This is Shivani Gupta from CRICTEZ work as a software developer and has been working for seven years. CricTez gives you the ability to create your own Cricket live score application with real-time, accurate, and steady live cricket API data in XML and JSON format. CricTez offers the cheapest, high-bandwidth, and high-performance cricket API for unlimited use. Use our rich API data stream to create the ultimate in cricket apps. For pricing and other feature, details visit https://www.crictez.com/

Related Stories

Pebblecrete Pool Resu

2022-01-20 Business
stonesetaustralia

Pebblecrete pool resurfacing the surface is normally cleaned to give a smooth vibe that is  delicate on your f ...

Read More

Global Stadium Lighti

2022-01-20 Business
mathewwilliams

The new report by Expert Market Research titled, ‘Global Stadium Lighting Market Size, Share, Price, Trends, ...

Read More

oploverz.bz | oplover

2022-01-20 Services
anjleenamartin

Subtitle film anime pada situs Oploverz telah menjadi satu di dalam film dengan kesesuaian ucapan dan Subtitle sama ...

Read More
You Need Login to Comment !