Gst rate
This query is : Resolved
05 March 2021
A commercial truck was purchased in January 2018 at 28% GST. What will be the GST rate on sale now?
07 July 2024
The GST rate applicable on the sale of a commercial truck now depends on several factors, including whether the truck is being sold as a new vehicle or a used vehicle. Here's how it typically works:
1. **New Commercial Truck**: If the truck is being sold as a new vehicle after its initial purchase, the GST rate applicable would generally be 28%. This is because commercial vehicles typically fall under the category of goods attracting 28% GST under the GST regime.
2. **Used Commercial Truck**: If the truck is sold as a used vehicle, GST is usually not applicable on the sale. The sale of used goods does not attract GST under the current GST rules.
In your case, since the truck was purchased in January 2018 at 28% GST, assuming it is now being sold as a used vehicle, there would be no GST applicable on its sale. However, if it is being sold as a new vehicle (which is less common after a few years), the GST rate would still be 28%.
Always verify with the latest GST updates or consult with a tax expert to ensure compliance with current regulations and to understand any specific exemptions or conditions that may apply.
1. **New Commercial Truck**: If the truck is being sold as a new vehicle after its initial purchase, the GST rate applicable would generally be 28%. This is because commercial vehicles typically fall under the category of goods attracting 28% GST under the GST regime.
2. **Used Commercial Truck**: If the truck is sold as a used vehicle, GST is usually not applicable on the sale. The sale of used goods does not attract GST under the current GST rules.
In your case, since the truck was purchased in January 2018 at 28% GST, assuming it is now being sold as a used vehicle, there would be no GST applicable on its sale. However, if it is being sold as a new vehicle (which is less common after a few years), the GST rate would still be 28%.
Always verify with the latest GST updates or consult with a tax expert to ensure compliance with current regulations and to understand any specific exemptions or conditions that may apply.
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
- Difference between Date of Payment and Date of Deduction?
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- IS AUDIT MANDATORY IF COMMISSION INCOME IS MORE THAN 50 LAKH
- Journal entry of busniess expenses
- Same demand raised for original as well as rectification request return
- Sale of property held jointly with a non resident Indian
- ADDITION OF CHALLAN IN TDS RETURN FORM 140
- TODAY INCOME TAX SITE IS NOT WORKING ANY OFFICIAL EXTENSION
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
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
