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GST on Truck sold.

320 views 6 replies
Wdv of a truck is rs. 200000/-, Truck is sold for Rs. 350000/-. Margin is 150000/-.

Now GST is payable on Rs. 1.5 lakh Or GST is included in 1.5 lakhs.
Replies (6)

As you are getting only Rs. 3,50,000/- then GST will be calculate as including in Profit Margin of Rs. 1,50,000/-

if the ITC is being claimed at the time of purchase of Truck , then GST is levy on 3.5 lac else on 1.5lac
if we purchase truck before GST period should we add GST? How much we charged?
Then pay GST on 1.5 lac

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
sir we know transaction value shall be difference between sale price and WDV as appearing in the books of seller in these case Rs 150000/- is Transaction Value. profit margin is also rs 150000/- These is very confusing if We claim ITC or Not claim ITC ? Pl Clear me
Dear Anshuman
As per Schedule I & R/w above said Notification it's being clear that
If the ITC is claimed: GST levy on Transaction Value else on profit value
Where is the confusion ??


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