A person dealing in second hand goods ( Margin Scheme) [Rule 32(5) of CGST Rules]

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....ith Notification No.10/2017-Central Tax (Rate), date 28 Jun 2017] * The taxable value of supply of second hand goods i.e. used goods as such or after such minor processing which does not change the nature of goods shall be the difference between the purchase price and the selling price, provided no input tax credit has been availed on purchase of such goods. However, if the selling price is less than purchase price, that negative value will be ignored. * Persons who purchase second hand goods after payment of tax to supplier of such goods will be governed by this valuation rule only when they do not avail input tax credit on such input supply. If input tax credit is availed, then such supply will be governed by normal GST valuation. *....

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....rchase to date of disposal) * if the defaulting borrower is registered, the repossessing lender agency will discharge GST at the supply value without any reduction from actual/notional purchase value. Press release by Ministry of Finance dated 15 July 2017 applicability of the Margin Scheme under GST for dealers in second hand goods in general and for dealers in old and used empty bottles in particular * Margin Scheme can be availed of by any registered person dealing in buying and selling of second hand goods [including old and used empty bottles] and who satisfies the conditions as laid down in Rule 32(5) of the Central Goods and Services Tax Rules, 2017. Key Note - 1) Margin scheme available for antiques as these are second hand....