Second hand good purchased from ex employer (Bank)

[vivin vijay]

Dear expert, I am currently working in bank, wherein I have purchased furnitures under the furniture allowance of the bank, the purchsses were made in 2015 and 2016, wherein I had paid VAT, (GST was not implemented at that time), these furnitures were purchased in the name of bank, now since I am leaving the organization , I have to purchase it back from the bank at depreciated cost, my bank while has depreciated the value, but has charged me GST on the depreciated value , my question is is GST applicable? Does it not come under the section 32(5) , where in a second hand good will not come under GST as the selling price is Lower than purchase price ,and no input credit was obtained at the time of purchase ( please note the purchaser is a bank) , my last question if it's applicable , on what value is it applicable , on the difference between purchase and sale or the sale price ?

AI Summary

Bank Employee Challenges GST on Furniture Repurchase; Rule 32(5) Exemption Doesn't Apply, GST Charged on Depreciated Value An individual working at a bank purchased furniture under a bank allowance in 2015 and 2016, paying VAT at the time. Upon leaving the bank, they need to repurchase the furniture at a depreciated cost, but the bank has charged GST on this depreciated value. The individual questions the applicability of GST, citing Rule 32(5) of the CGST Rules, 2017, which exempts second-hand goods sold below purchase price from GST. Responses clarify that the bank is not a dealer in second-hand goods, making Section 15(1) of the CGST Act, 2017 applicable, justifying GST on the depreciated value.