A car was purchased by me in 2014. I have not claimed any input on the said purchase.
Now, I want to sell this car. Do I need to charge gst on sale if I have not claimed input at the time of purchases.
If yes, at what rate do I need to charge gst.
GST ON SECOND HAND CAR SOLD
Replies (10)
Quick Summary
No need to charge gst
I am also registered in GST
Service gst may levied,on the sale of car.
Depreciation deducted value less market value ,
variation value is liable for gst in the form sevice gst.
Depreciation deducted value less market value ,
variation value is liable for gst in the form sevice gst.
You have to pay GST on transaction value (OMV)
No transactions value ,it is may margin value.Paper value and actual depreciation deducted value.
You may required to pay GST on your profit on sale of car.
No.But buyer may collect rcm for service from u as per his invoice,if he is regd under gst.
Gst will be required to be paid on margin money
First of all it needs to be determined whether it constitutes supply or not. In my opinion it does not either under Schedule I since it is sold for consideration and neither a supply under section 7(1) since it is for consideration but not in the course or furtherance of business.
If buyer registered under goods or
service sector
service sector
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