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GST Query regarding HSN

Rate / HSN codes 200 views 3 replies

Vivek Sunil Mule

Chartered Accountant

90 Points Joined August 2017

Sir / Madam,

One company is purchasing Assets of other running company consisting, Technical knowhow, Machinery and Inventory.

What will be HSN code and rates will be applicable?

Please note there is no takeover / merger / transfer of business is involved.

Replies (3)

Pankaj Rawat

GST Practitioner

55062 Points Joined June 2017

The GST rate & HSN will be the same that of new Assets.

Only in case of Vehicles (Reference 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%

Else ,.. 12%