Question ID :
40903
GST aaplicability
A Company in a scheme providing furniture to their employees and transferring the same to them at WDV as per INCOME TAX @10% at the end of 5 years
Company is not taking any Input credit . On transfer is it liable for GST ? If yes, how and what will be the value
Company engaged in electricity generation
Thanks in advance
Posted by
Krishna Prasad
on
Nov 27, 2020
Filed Under
GST
Sale of furniture to employee is supply as per Schedule I even though ITC was not taken earlier. Get the market quote to ascertain the OMV and pay GST on that.
Posted by
CA VASANT K. BHAT on
Nov 28, 2020
Answer ID :
80820
The furniture given to employee would be supply as per Schedule I. Get the market quote for the value to ascertain OMV and pay GST on the same.
Posted by
CA VASANT K. BHAT on
Nov 28, 2020
Answer ID :
80841
Just make sure company is not selling it as an scrape. the rate will differ if so
Posted by
CA. BISHT RAKESH on
Dec 15, 2020