GST on exchange of old vehicle
This query is : Resolved
Quick Summary
CA Parul Saxena
(Querist)
17 August 2020
A old car used is exchanged for new one. Old car was sold for Rs,305000 and New car is purchased for 1700000.
Whether GST invoice is to be prepared for exchange of old car?
whether GST is to be levied on old car exchanged??
Whether GST invoice is to be prepared for exchange of old car?
whether GST is to be levied on old car exchanged??
Udaya Chandran
(Expert)
17 August 2020
Yes, GST to be levied on sale of old car.
CA Parul Saxena
(Querist)
18 August 2020
on margin or on Sales consideration as there is loss on sale of old car?
Udaya Chandran
(Expert)
20 August 2020
GST to be paid on total sales consideration unless you're in the business of buying and selling second hand goods.
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