GST applicability on sale of Used Vehicle

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120 Points Posted on 20 June 2024

Respected Members,

I have purchase a Vehicle in may 2023 worth Rs. 30 lakhs, and i have not claimed its ITC credit. 
WDV for year ended 31.03.2024 was rs. 25.5 lakhs. Now in month of May 2024 i have sold the car for Rs. 28 lakhs. 
Do I need to pay GST on the transaction and what will be the Rate of GST. 
if Yes how will i Show the same in GST returns. 

Pls Advice. 

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On 20 June 2024 at 15:48 Report
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Quick Summary
A user purchased a car in May 2023 for Rs. 30 lakhs, not claiming ITC. By March 2024, its WDV was Rs. 25.5 lakhs. They are now selling it in May 2024 for Rs. 28 lakhs and need advice on GST applicability, the correct rate, and how to report it in their GST returns, referencing specific notifications and sections of the GST Act.

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GST Practitioner & Accounts
8996 Points Posted on 20 June 2024
Refer Notification 8/2018 Central Tax ( rate) dated 25 th January 2018 , in detail. Check applicable to you or not .
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On 20 June 2024 at 16:55
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Profession
19978 Points Posted on 21 June 2024
Follow SEC 22 OF GST ACT
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On 21 June 2024 at 11:26

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