26 January 2018
w.e.f. 13.10.2017 vide notification 37/2017, if the Motor Vehicle was purchased by the registered person before 1.7.2017 and has not availed CENVAT and/or VAT, 65% of GST applicable otherwise on such goods under Notification No. 1/2017- Central Tax (Rate) dated, 28th June, 2017. In other cases GST is applicable on invoiced value as per notification 1/2017
30 January 2018
It means we should pay GST as following : Basic Value of sale 1500000 Tax Rate-28% GST applicable 65% of 28 %i.e 18.2 % GST amount-1500000*18.2%=273000/- Invoice =1500000+273000=1773000/- IS IT RIGHT ???
30 January 2018
Yes, your calculation is right. Further to inform you that w.e.f. 25th January vide notification 8/2018 the rate is reduced to 12% and therefore now 65% is to be applied on 12%
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