Sale of old motor vechile- gst implication?

Save Share

This query is : Resolved

hariharan (Querist)

26 February 2018 The Second hand Car purchased on 2013 and no Duty and VAT taken by the concern. No they seeks to sale of the car. Is there is any GST implication at the point of Sale ?
Please mind it No Duty No Tax are taken?Please anyone clarify with light of provisions.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

26 February 2018 GST applicable only on the portion of excess sale value over book value.

Message likes : 1 times

hariharan

hariharan (Querist)

26 February 2018 Sir very thanks. at the time of sale what will be the billing procedure for the taxable amount and non taxable portion of the motor vehicle.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

26 February 2018 Raise tax invoice like this.
Sale price
Less book value
Taxable value
Tax
Total

Message likes : 1 times

hariharan

hariharan (Querist)

26 February 2018 Final Doubt sir, the book value (non taxable) shall be shown in the head of "Non GST Supply" in Form GST 3B and GSTR 1? Thanks sir.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

26 February 2018 Book value need not be shown in GST return. Show only taxable portion.

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