GST on used cars

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RITU ARORA (Querist)
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07 January 2020 AS PER RULE 6(5) OF VALUATION RULES Value of supply for used goods shall be the difference between the selling price and purchase price . AND section 2(6) says aggregate value of taxable supply is aggregate turnover.Does it interpret that turnover of used goods is selling price- purchase price.If I am registered under composition scheme will this be considered as turnover. (selling price- purchase price).

Shankit Sharma

Shankit Sharma (Expert)
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08 January 2020 Hello Ritu

In GST Regime there is two aspects for sale of used assets-
1. GST on Sale of Used/old Motor Vehicle
2. GST on sale of other assets

For better understanding of these concepts I recommend you to please read Notification No. 8/2018 central tax (rate) dated 25.01.2018.

Thanks
CA. Shankit Sharma
Mob. - +91-9079367736

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