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.
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