GST on sale of bus?
Sheetal Devaki 20 June 2019
Bus operator plying between two places, having AC as well as Non AC buses. For AC buses ticket fare he is charging GST @ 5% without ITC and No GST on Non AC bus ticket fare.
Now he sold one AC bus and One Non AC bus. whether he has to pay taxes on sale of bus?
Pankaj Rawat (GST Practitioner) 20 June 2019
As per Notification 8/2018 CT (r) Vehicle of Vat Regime Sold in GST Regime : GST is applicable on Profit Margin (Sale-Puchase ) Vehicle Purchased & Sold in GST Regime : 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% Else ,.. 12%
Pankaj Rawat (GST Practitioner) 24 June 2019
cbic.gov.in
http://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-08-2018-cgst-rate-english.pdf;jsessionid=A557F03A250A0C0013027AF0CEAF9E66
Recent Topics
- SALES RETURN CREDIT NOTES
- GST officer issued a notice for clarification for
- Payment terms confusion
- Capital input not taken
- GST CALCULATION UNDER BOTH THE SCHEMES
- Gstr1 due dates
- Income tax commissioner appeals - against u/s 143
- Mismatch in report of GSTR-2A of annual return &am
- RCM claimed in next year where to show in annual r
- Intimation 143(1)
Related Threads
Stay updated with latest Discussion!
CAclubindia
