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?
6 Replies
Radhika Harsha
(Chartered Accountant)
(72 Points)
Replied 20 June 2019
yes. gst is payable on sale of both the buses
Pankaj Rawat
(GST Practitioner)
(55062 Points)
Replied 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%
Sheetal Devaki
(68 Points)
Replied 21 June 2019
I trying to get notification, but not finding, please help me out.
Pankaj Rawat
(GST Practitioner)
(55062 Points)
Replied 24 June 2019
cbic.gov.in
https://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-08-2018-cgst-rate-english.pdf;jsessionid=A557F03A250A0C0013027AF0CEAF9E66
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