Hi Experts...
Please kindly clarify Whether GST is applicable on sale of car purchased during VAT period in which ITC was not taken.How GST is calculated on this sale consideration?
Thanks in advance...
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GST on Sale of Car purchased before GST
Replies (4)
Yes gst is applicable , if recieved any consideration.
Dear kesavraj
As per Notification 8/2018 CT (r)
Vehicle of Vat Regime (VAT not claimed) 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 (VAT not claimed) 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%
What about vehicle purchased during GST regime but ITC not taken and it is sold less than WDV value...
No GST as it is sold on loas
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