Impact On Your Own Goods Industry
Second-hand products in India’s sector is growing since last decades. There’s a massive market of dealers dealing in just second-hand commodities which include four-wheelers, two-wheelers and electronic items like mobiles, laptops, gaming consoles, wrist-watches, girls handbags, jewelry etc. Luxury items are involved by most of these companies. Even modest group commodities like books, clothing, etc., are gaining focus over time. There is a good deal of re-commerce sites, selling pre-owned luxury things such as high-fashion apparel, clothing, clothing accessories, phones, imported material, etc.. Websites are gaining attention among the fashionistas who need brands without affecting their pockets.
The Economy Today
Considering that the other hand goods sector has become an important part of the economy today and has been growing, it is important to research the proposed GST Law that would affect the industry. One would argue how do a sale of second-hand things be redeemed as the Government has already collected the tax from the seller in the other places like ozmobiles, is the end customer at the time of purchasing. Even the Constitution of India, vide Article 246 and 246A, empowers the States and the Union to make laws with regard to any issues.
Entry 92A of Union list in Schedule VII and Entrance 54 of State list cite”taxation to the sale or purchase of goods besides newspapers”. Article 366(12) of this Constitution defines goods as”goods includes all products, materials and posts”. The GST Acts / principles do not define second-hand goods. Also second-hand goods have been defined by none of the current laws State VAT Laws, including Excise. Second-hand products, since not specifically excluded in the definition, are all included in the definition of products as it pertains to goods, and the GST law shall apply to second-hand goods in precisely exactly the identical fashion.