https://www.taxtmi.com/caselaws?id=422923 The AAR ruled that second-hand paintings traded by the auction house fall under Heading 9701 of GST Tariff, attracting 12% GST rate. Significantly, the Authority confirmed that Rule 32(5) of CGST & MGST Rules applies to the applicant's business model, allowing taxation only on the margin (difference between selling price and purchase price) rather than the full value. This special valuation provision applies since the applicant deals exclusively in second-hand paintings without availing input tax credit on purchases from registered and unregistered persons. en-us Fri, 20 May 2022 00:00:00 +0530 Thu, 03 Apr 2025 10:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=422923 The AAR ruled that second-hand paintings traded by the auction house fall under Heading 9701 of GST Tariff, attracting 12% GST rate. Significantly, the Authority confirmed that Rule 32(5) of CGST & MGST Rules applies to the applicant's business model, allowing taxation only on the margin (difference between selling price and purchase price) rather than the full value. This special valuation provision applies since the applicant deals exclusively in second-hand paintings without availing input tax credit on purchases from registered and unregistered persons. Case-Laws GST Fri, 20 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=422923