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GST Liability

183 views 1 replies

C.A Sachin Kumar

job

56 Points Joined January 2008

Company "X" is not eligible to take the credit on capital and input supplies because its final product is non GST items.

if company "X" sales scrap or old vehicle once in a quarter then company X will be liable to pay GST in cash on sales of scrap or old machine/vehicles.

Replies (1)

Pankaj Rawat

GST Practitioner

55062 Points Joined June 2017

Output GST can be can utilise against ITC available .

As per Notification 8/2018(r) :
Sale Of Vehicle:

If ITC claim , then GST is on transaction Value
If ITC is not claim , then GST is on Profit Margin (Sale - Purchase)

GST Rate 12 % & 18% is applicable as per CC engine of vehicle mentioned in Notification.
More then 1500 CC , leanth exceeding 4000 MM, GST is 18%

In case of Capital Goods Sold (Other then Vehicle)
GST applicable on Transaction Value & the Rate is applicable is same of New.

Else ,.. 12%