GST on used cars
This query is : Resolved
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).
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
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
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- ITR 2 Short Term gain & Long term gain
- Itr 1 processing
- Off Market debit and credit transaction
- Reporting Income under Section 44ADA
- ITR returnFY25-26
- Bank Accounts in Balance Sheet for ITR 3
- Short Term Capital gain on shares bought and sold after 2018 onwards
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- ITR validation error - Balance sheet is not filled
- ITR 1: Details for showing Exempt Income
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
