Gst query for second hand vehicle margin scheme
This query is : Resolved
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Kollipara Sundaraiah
(Querist)
25 July 2021
Sir,
A second hand vehicles purchase and sales dealer (margin scheme)how to gst tax calculation procedure and maintained records in gst act.
A second hand vehicles purchase and sales dealer (margin scheme)how to gst tax calculation procedure and maintained records in gst act.
CA Altamush Zafar
(Expert)
25 July 2021
If the dealer purchases second hand vehicles and sells them then GST will only be applicable on the difference amount provided you don't take ITC on your purchase.
If margin is negative then there is no GST
If margin is negative then there is no GST
Udaya Chandran
(Expert)
26 July 2021
Please refer to the link, pdf file for further details: https://www.caclubindia.com/share_files/gst-margin-scheme-in-brief-75009.asp
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