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exchange of car
a bank exchanges an old car from an automobile dealer for a new car. how to show the same in the invoice and on what amount will gst be charged and the rate . will it be charged on new price less exchnage price of old car or something else.?? on old car itc was not claimed and is used for official purpose only.
Replies (6)
Automobile dealer charge GST on full consideration ie fmv of old car + Cash
GST in this case will be charged on price of new car. (i.e. if sold in cash without exchange offer or we can say FMV of new car ).
GST rate in this case will be 28% .
GST rate in this case will be 28% .
something related to abatement @ 35% wont be there??
something related to abatement @ 35% wont be there??
something related to abatement @ 35% wont be there??
No.......
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