Resale of construction plant & machinery

[Asked by Guest]

Hello Sir,

I m akhilesh joshi government contractor. My firm M/S Subhash joshi construction, barwani m.p. is dealing in government road contract. The issue is my firm Resale of some our plants & Machines and also purchasing reused plant & machines, so that our C.A. is suggested to resale our plant to be charge 18% GST & also purchase reused plants and machines to pay 18% GST.

Is that true? Please guide us with reference of notification no.

Please we are waiting your reply.

Thank you.

Regards

Akhilesh joshi

AI Summary

Reversal of input tax credit required on resale of plant and machinery, affecting GST liability on used assets.
Resale of plant and machinery requires reversal of input tax credit where credit was taken; the seller must pay an amount equal to the input tax credit reduced by prescribed percentages or tax on the transaction value of the goods, whichever is higher, and Rule 44 prescribes the method for computing the amount, while supplies of certain items as scrap may be taxed on transaction value.