Sale of used car
This query is : Resolved
04 July 2019
Dear All,
I'm an exporter of cashew and had a Car that is used by one of my employee. I had bought this car under VAT regime and had not availed any Input Tax Credit, although depreciation had been claimed as per income tax act. On 30 Sep 2017 under GST regime I had sold this car. Now, I would like to know what would be impact of GST on this transaction.
Regards
Shoeb
I'm an exporter of cashew and had a Car that is used by one of my employee. I had bought this car under VAT regime and had not availed any Input Tax Credit, although depreciation had been claimed as per income tax act. On 30 Sep 2017 under GST regime I had sold this car. Now, I would like to know what would be impact of GST on this transaction.
Regards
Shoeb
04 July 2019
!8% GST applicable on excess sale value over it's WDV. No GST payable in case of sale less than depreciated value.
04 July 2019
!8% GST applicable on excess sale value over it's WDV. No GST payable in case of sale less than depreciated value.
04 July 2019
Dear Sir,
Thank you very much for your kind reply. There is one more doubt that transaction took place before the existence of Notification No.8/2018 Dated 25-01-2018. Could you please clarify the same and oblige.
Regards
Shoeb
Thank you very much for your kind reply. There is one more doubt that transaction took place before the existence of Notification No.8/2018 Dated 25-01-2018. Could you please clarify the same and oblige.
Regards
Shoeb
04 July 2019
See the link.
https://www.gstindia.com/applicability-of-gst-on-sale-of-used-old-motor-vehicle/
https://www.gstindia.com/applicability-of-gst-on-sale-of-used-old-motor-vehicle/
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