09 December 2019
AFTER 25.01.2018, AS PER NOTIFICATION NO.8/2018, THERE IS GST PAYABLE ON MARGIN VALUE i.e. DIFFERENCE OF SALE PRICE AND PURCHASE PRICE. IF IT IS SOLD AT LESS THAN PURCHASE PRICE, IT IS TO BE IGNORED.
MY QUERY IS : THIS NEGATIVE MARGIN IS TO BE CALCULATED SEPARATELY FOR EACH SECOND HAND MOTOR VEHICLE SOLD OR ON MARGIN VALUE ON MONTHLY BASIS. BECAUSE ON SOME CARS, THERE IS PROFIT AND ON SOME CARS SOLD, THERE IS LOSS.
17 December 2019
Dear Sir, you need to prepare the details as per itemwise, on some items you have earn profit on which you need to pay GST on margin. On some items you have not earn profit and there is no margin, you need not to pay GST.
CAclubindia
