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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Gst on used vehicles
Replies (7)
Have you taken Input Tax credit under CENVAT credit , under CENVAT credit rules 2004 or ITC of VAT , when you purchase vehicle in 2007 ?.
Can u tell me both option .. I'm not sure about it
If you not availed input tax credit then refer Notification 8/2018 CT( rate) dated 25/1/2018 on CBIC web site , GST/ notifications.
If depreciation is claimed then ITC cannot be claimed and in case of assets 5% per quarter should be reduced
Is notification 8/2018 applicable for used vehicles purchased before gst implementation also.?
I Hope you and purchaser registered under GST , and vehicle was used for business purposes .
Yes it should be used for business purposes
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