Urgent exchange of used car with new - gst applicability
This query is : Resolved
14 August 2019
IF I BUY A NEW CAR IN EXCHANGE OF OLD CAR IN THE F.Y.2017-18 POST GST REGIME. AND I AM MAKING CAPITAL GAIN ON THE OLD CAR IN THE BOOKS. DO I HAVE TO PAY GST ON MARGIN EARNED?
OR THIS APPLIES ONLY TO DEALERS OF SECOND HAND CARS?
OR THIS APPLIES ONLY TO DEALERS OF SECOND HAND CARS?
16 August 2019
in your case since you are not into business of selling old /second hand goods, Rule 32(5) of CGST Rules, 2017 shall not be applicable to you. As per Notification 08/2018 – Central Tax, you have to pay GST on Difference between Sales Consideration and the depreciated Value of old car provided that you have not taken credit on the car in FY 17-18.
Message likes :
1 times
17 August 2019
Thank you so much CA Parth Shah
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CAPITAL GAIN REDEVELOPED FLAT
- Multiple payment of self assessment tax for A Y 2025-2026
- REGARDING ITR FILING QUESTION
- Requirement under FEMA &RBI
- CLOSING STOCK QUERY
- PF wage ceiling
- Correction in TDS return New Traces Portal
- TDS refund Indemnity Bond
- Query regarding TDS on EPFO Higher Pension Arrears- under wrong section
- Query regarding Item 61/62/63 vs Item 64 in ITR-3
- WHERE I SHOW GST 0% INVOICE IN GSTR1 (EITHER TABLE 7 OR TABLE 8)
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
- Query regarding reporting of exempt foreign remuneration in ITR (AY 2026-27)
- FEMA/RBI treatment — Amazon.ca arbitrage (US buy, Canada sell, goods never enter India)
- Goods return by customer
- INWARD REMITTANCE FOREIGN
- CPC and SAC
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
