The clarification comes after doubts were raised regarding the applicability of the Margin Scheme under the GST for dealers in second hand goods in general and for dealers in old and used empty bottles in particular. According to the Central GST Act, notified entities are required to collect TDS at 1 per cent on payments to suppliers to goods or services valued at more than Rs 2.5 lakh. In cases where the product is selling at a price lower than it has been procured, the GST will not be levied.
The government has also stated that intra-state supplies of second hand goods received by a registered person are exempt from the Central Tax levy. "All traders are requested to register now without waiting for the last date", the government said in a statement.
If a firm is carrying out any business and have an annual aggregate turnover in the preceding Financial Year exceeding Rs 20 lakh (Rs 10 lakh in Special Category States), it need to register in all the States/Union Territories from where it is making taxable supplies.
Camilla at 70: the Duchess who deserves to become Queen
The couple are focusing on their charitable work this summer and have a series of engagements in Devon and Cornwall next week. The Duchess of Cornwall will celebrate her 70th birthday on Monday and has been receiving plaudits ahead of the big day.
To ensure that the chain of input tax credit is not broken, vendors to online marketplaces are registering for Goods and Services Tax (GST).
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