TaxTMI 
TaxTMI 
GST rate - latest on scrap of computers, monitors, keyboards,mouse& multimeter
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....ST rate - latest on scrap of computers, monitors, keyboards,mouse& multimeter<br> Query (Issue) Started By: - BSNL STR Dated:- 19-3-2018 Last Reply Date:- 20-3-2018 Goods and Services Tax - GST<br>Got 5 Replies<br>GST<br>Sir/Madam, What is the present rate of GST on scrap sale of computers, monitors, keyboards,mouse& multimeter ? Regards, CHANDRASHEKAR G Reply By Alkesh Jani: The Reply: Sir, ....
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....Please clarify that computer, monitor, keyboard, mouse are booked as Capital goods in your books of Account, so that our experts may get the clarity to reply. Reply By BSNL STR: The Reply: Sir, yes, these items are equipments booked as capital goods. Regards, CHANDRASHEKAR G. Reply By Alkesh Jani: The Reply: Sir, In this regards, my point of view is that, the taxable value of the scrap will....
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.... be the depreciated value of the capital goods and Rate is 18% i.e (CGST+SGST). Further, if the goods are sold at ₹ 500/- and the depreciated value is ₹ 600/- then the value of the goods shall be ₹ 500/- and taxable value shall be 600/- and GST will be applicable on ₹ 600/- @ 18%. Our experts may correct me if mistaken Reply By Ganeshan Kalyani: The Reply: yes i agree. ....
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....Reply By KASTURI SETHI: The Reply: Dear Querist, This is an extract from a case law. Methodology will be useful for you. (Though it pertains to pre-GST-era, yet it is relevant and applicable. [5(A) (a) If the capital goods, on which Cenvat credit has been taken, are removed after being used, the manufacturer or provider of output services shall pay an amount equal to the Cenvat Credit taken on ....
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....the said capital goods reduced by the percentage points calculated by straight line method as specified below for each quarter or a year or part thereof from the date of taking the Cenvat Credit, namely. (i) for computers and computer peripherals : For each quarter in the first year @ 10% For each quarter in the second year @ 8% For each quarter in the third year @ 5% For each quarter in the ....
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....fourth and fifth year @ 1% (ii) for capital goods, other than computers and computer peripherals @ 2.5% for each quarter : Provided that if the amount so calculated is less than the amount equal to the duty leviable on transaction value, the amount to be paid shall be equal to the duty leviable on transaction value. (b) If the capital goods are cleared as waste and scrap, the manufacturer the m....
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....anufacturer shall pay an amount equal to the duty leviable on transaction value.]<br> Discussion Forum - Knowledge Sharing ....