GST ON SALE OF SECOND HAND MOTOR VEHICLES
This query is : Resolved
murli k mulchandani
(Querist)
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.
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.
PAWAN KUMAR
(Expert)
10 December 2019
As per my view separate file is to prepared.
murli k mulchandani
(Querist)
10 December 2019
Could not understand. Please elaborate.
PAWAN KUMAR
(Expert)
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.
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.
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