Hello,
I am dealer engaged in USED CAR (HSN 8703) trading. I purchase USED Car from market and sell it to consumer after necessary renovation/repairing. I pay GST on Margin (Sale Value - Purchase Value - any additional cost incurred to make fit to sale). I have following queries.
1. Is GST Rate applicable 18% ??? if car cc is less than 1200(petrol) 1500 (diesel) than rate would be 12% as per Notification No. 8/2018 -Central Tax (Rate) dated 25/01/2018???
2. Can I claim ITC on parts/accessories purchased for car to use in such car to make it fit to saleable.???? (I do not take ITC on purchase of use car)
3. Is rate has been updated through any notification after said notification no 8/2018???
4. in gst return GSTR-01 & GSTR-03B car's purchase value is to be shown or margin ??? as Turnover will differ as per Income Tax Act and GST Act. Thus, Turnover Reconciliation issue rises here for both tax authorities. !!!!
CAclubindia
