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Sale of Motar vehicle
I have use Motar vehicle in business purpose and Sale at time Gst applicable or not or how much Gst applicable and tratment on account.pls help Mi.. .
Replies (2)
The GST & Cess applicable on sale of old motor vehicle & the gst rate is depend upon the vehicle engine capacity.
Sir
If vehicle was purchased in vat regime then such vehicles when sold will attract GST of 65% of the applicable GST) rate, including compensation cess.
Plz read notification 37
In gst regime if any fixed asset is sold & ITC was avail on that particular then GST is to charged on sale amount & if no ITC was avail, then on profit margin u have charge GST
If vehicle was purchased in vat regime then such vehicles when sold will attract GST of 65% of the applicable GST) rate, including compensation cess.
Plz read notification 37
In gst regime if any fixed asset is sold & ITC was avail on that particular then GST is to charged on sale amount & if no ITC was avail, then on profit margin u have charge GST
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