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Gst on used vehicles

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STUDENT
37 Points Posted on 07 November 2021
What is the rate of gst on used vehicle purchased at pregst period and also the transaction value.. It is a vehicle below
1500 cc purchased on 2007.
Is gst rate 18% and transaction value cost less wdv.?
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On 07 November 2021 at 13:35 Report
Replies (7)
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GST Practitioner & Accounts
15093 Points Posted on 07 November 2021
Have you taken Input Tax credit under CENVAT credit , under CENVAT credit rules 2004 or ITC of VAT , when you purchase vehicle in 2007 ?.
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On 07 November 2021 at 15:21
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STUDENT
37 Points Posted on 07 November 2021
Can u tell me both option .. I'm not sure about it
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On 07 November 2021 at 16:54
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GST Practitioner & Accounts
15093 Points Posted on 07 November 2021
If you not availed input tax credit then refer Notification 8/2018 CT( rate) dated 25/1/2018 on CBIC web site , GST/ notifications.
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On 07 November 2021 at 17:00
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Chartered Accountant
24588 Points Posted on 07 November 2021
If depreciation is claimed then ITC cannot be claimed and in case of assets 5% per quarter should be reduced
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On 07 November 2021 at 17:00
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STUDENT
37 Points Posted on 07 November 2021
Is notification 8/2018 applicable for used vehicles purchased before gst implementation also.?
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On 07 November 2021 at 17:13
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GST Practitioner & Accounts
15093 Points Posted on 07 November 2021
I Hope you and purchaser registered under GST , and vehicle was used for business purposes .
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On 07 November 2021 at 17:15
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Chartered Accountant
24588 Points Posted on 08 November 2021
Yes it should be used for business purposes
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On 08 November 2021 at 06:08


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