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GST on used cars

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This query is : Resolved

RITU ARORA (Querist)

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)

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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