Sale of old goods vehicle
This query is : Resolved
14 October 2019
goods vehicle sale of 2018-19 & book value 976500 and sale of 1400000 but gst treatment for september 19 and above how
14 October 2019
Hi balbir
valu for the purpose of gst shall be consideration- wdv of asset.
so you have to charge gst on diferential amount.
Thank you
You can also write to me at sthayin@gmail for further assistance
15 October 2019
GST on old and used cars is governed by Notification No. 8/2018-Central Tax (Rate), Dated 25.01.2018. Thus, if the car was subjected to depreciation under Section 32 of the Income Tax Act, 1961; GST is required to be paid on margins. The amount subjected to GST shall be the difference between the consideration received for supply of such goods and the depreciated value of such goods on the date of supply. If the difference is negative, in that case you need pay tax.
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