CCI Online Learning
What do you want to learn today?


Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Sale of old goods vehicle

This query is : Resolved 

goods vehicle sale of 2018-19 & book value 976500 and sale of 1400000 but gst treatment for september 19 and above how

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 meĀ  at sthayin@gmail for further assistance

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.

Bajaj Finserv

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Trending Tags
GST Live Class    |    x