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GST ON SALE OF BUSINESS ASSETS
A trust providing both exempt supply and taxable supply has sold fixed assets relating to exempt supply.Will GST be levied on such sale as per schedule II , para 4(a), of the Act?
Replies (6)
Can you clarify "Sold Fixed Asset relating to Exempt supply"
The trust sold an asset which it had used for providing exempt supply..I.e the trust sold a school BUS AFTER its useful life at a profit
Gst Levy as per section 7 of CGST Act 2017 and Schedule II of CGST Act
In Case of BUS (Vehicle)
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%
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 Thank you so much sir
You are always welcome dear
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