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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Quick Summary
This discussion clarifies the Goods and Services Tax (GST) applicable to used vehicles purchased before the GST regime. It explores the GST rate, how the transaction value is determined, and the implications of claiming input tax credit (ITC) or depreciation. The advice points to specific notifications for guidance, particularly if ITC was not availed, and stresses the importance of the vehicle being used for business purposes.