https://www.taxtmi.com/forum/issue?id=116505 Rule 32(5) permits valuation of supplies by dealers in second hand goods on a margin basis where no input tax credit was taken, with negative margins ignored. The proviso deeming purchase value for repossessed goods applies to bank repossessed vehicles sold after auction. Transfer of registration under motor vehicle law is not a stipulated precondition for applying the margin scheme; legal ownership can differ from registration, enabling dealers to use Rule 32(5). Notification exemptions complement the scheme to prevent double taxation on resale of used goods. en-us Tue, 23 Jun 2020 13:48:52 +0530 Thu, 23 Jan 2025 15:54:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=116505 Rule 32(5) permits valuation of supplies by dealers in second hand goods on a margin basis where no input tax credit was taken, with negative margins ignored. The proviso deeming purchase value for repossessed goods applies to bank repossessed vehicles sold after auction. Transfer of registration under motor vehicle law is not a stipulated precondition for applying the margin scheme; legal ownership can differ from registration, enabling dealers to use Rule 32(5). Notification exemptions complement the scheme to prevent double taxation on resale of used goods. Discussion-Forum GST Tue, 23 Jun 2020 13:48:52 +0530 https://www.taxtmi.com/forum/issue?id=116505