https://www.taxtmi.com/forum/issue?id=120265 Rule 32(5) prescribes that when second hand goods are sold without claiming input tax credit, the taxable value is the margin (selling price minus purchase price), provided the goods' nature is unchanged; GST is payable on that margin and negative margins are ignored. For GST turnover the margin is reported, while income tax requires gross receipts reporting, necessitating reconciliation and maintenance of documentation evidencing purchase, sale, and non availment of ITC. en-us Fri, 18 Jul 2025 18:09:38 +0530 Sun, 20 Jul 2025 16:36:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=120265 Rule 32(5) prescribes that when second hand goods are sold without claiming input tax credit, the taxable value is the margin (selling price minus purchase price), provided the goods' nature is unchanged; GST is payable on that margin and negative margins are ignored. For GST turnover the margin is reported, while income tax requires gross receipts reporting, necessitating reconciliation and maintenance of documentation evidencing purchase, sale, and non availment of ITC. Discussion-Forum GST Fri, 18 Jul 2025 18:09:38 +0530 https://www.taxtmi.com/forum/issue?id=120265