WebGiardini GST UV curing tunnel Type: 1401/3+2 Year 2000 SN 90104 working width 1400 mm 2 UV lamps electronic monitoring of all functions standard 360NM lamps used to ... WebWhen addressing the GST issues arising out of a corporate reorganization and the purchase and sale of a business, the HST status of the particular asset is generally the same as the GST status, meaning that instead of 5% being payable, the purchaser must generally pay 13% GST/HST.
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WebSep 14, 2024 · Answer – GST paid on machinery was 18% of Rs. 9,00,000 i.e., Rs. 1,62,000. The machinery was used for three quarters. Hence, it is eligible for ITC of 15% (5% per quarter or part thereof), i.e., Rs. 24,300. … Webdear ma’am, regarding sales of old car (fixed assets ) if any registered person sale his old car ( fixed asset, not deals in cars) to second register person ( and again that also buy …
WebJan 10, 2024 · This is wrong in two ways, a Sale should show on the Profit and Loss, and if you are registered for GST then you will be understating your GST. If you code it to 900 as BAS Excluded, the transaction won’t show on the P & L, it will show on the Balance Sheet, so the income you report will be incorrect, the GST won’t show in the GST on Sales ... WebAfter a couple of years the accumulated depreciation on the car is $15,353 and you sell it for $60,000. Record 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.
WebFeb 19, 2024 · 19 February 2024 GST is applicable @ 18% . Since Assets purchase pre-GST regime and you have not claimed credit. ITC reversal clause is not applicable. For valuation, Margin Scheme is relevant:- The scheme is made applicable to all taxpayers on the sale of the motor vehicle held as a capital asset. WebAug 11, 2024 · The input of GST on the same is also claimed by the company. The company capitalizes the laptops as fixed assets and charges depreciation every year under WDV method at the rate of 40% p.a. After three years from the date of purchase, the laptops are sold to the employees at a fixed price of Rs.10000 (inclusive of GST).
WebOn 8 August 2024, Marilyn trades-in her old car for $11,000 and buys a new car (that is also used 100% for business purposes) at a cost of $35,000. For depreciation purposes, …
WebGain on sale of fixed asset = $ 35,000 – ($ 50,000 – $ 20,000) = $ 5,000 gain After that, company has to record cash receive $ 35,000, and eliminate cost of fixed assets of $ 50,000, accumulated depreciation of $ 20,000, and the gain. different amazon web servicesWebMay 4, 2024 · Fixed assets are the assets or things purchased for a long-term purpose. In GST law, the term ‘Capital Goods’ is used for such fixed assets. As per section 2 (19) of CGST Act, Capital goods mean goods, … different amazon fire tabletsdifferent amendments and meaningWebMar 16, 2024 · Sale of Asset by employer to employee In all these cases, Depreciated Value of Asset Less Amt recovered from employee if any is taxable perquisite Depreciation is calculated as follows Note If any amount recovered from Employee , it is to be reduced Completed year means period starting from date assets put to use by Employee. different alphabets that look like englishWebUnder GST regime, question is arising whether sale of goods lying in the fixed assets of a registered person will be chargeable to GST or not. We have analyzed the question in 2 parts for different classes of tax payers, same is as under: Basic assumptions for the following opinion are as under: a. Goods being discussed is a car b. different amazon prime membershipsWeb16 rows · Dec 27, 2024 · Scenario 1: Sale of old and used car on or before 12/10/2024: In terms of Rule 32 (5) of CGST Rules 2024, GST is to be paid on the Margin i.e. Rs. 2,00,000 + GST at the rate of 45% (i.e. 28% … different alternative energy sourcesWebMay 15, 2024 · GST on the Transaction Value. or ITC attributable to the remaining life of the asset (out of 5 years or 60 months)*. Let us take an example to understand this with GST Rate as 18%. Purchase Price of an Capital Good : 10,00,000.00 ITC availed on the Capital Good : 1,80,000.00 Used life of Capital Good : 27 Months. different american flag color meanings