1) sale of used vehicle who's ITC taken in old tax regime .
2)
sale of used vehicle who's not taken in old tax regime .
Tax rate and working please .
above supplier is registered in GST not dealing with sale and purchase of old vehicle he is regular dealer.
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Sale of old vehicle tax liability
Replies (3)
1.Sale is considered as supply & you have to pay GST on it.
2. Not a supply & no GST charged on it.
GST rate is same on whuch ITC claimed.
2. Not a supply & no GST charged on it.
GST rate is same on whuch ITC claimed.
As per vehicle sold of Vat regime:
GST is to be charge on the 65% of transaction value (As per noti.37)
As per vehicle sold of GST regime
if ITC has not been claim then GST is to be charge on profit Margin of sale minus purchase value ( value in books after deducting depreciation)
& if ITC was claim on that vehicle then GST is to be charge on sale value (notification 8)
GST is to be charge on the 65% of transaction value (As per noti.37)
As per vehicle sold of GST regime
if ITC has not been claim then GST is to be charge on profit Margin of sale minus purchase value ( value in books after deducting depreciation)
& if ITC was claim on that vehicle then GST is to be charge on sale value (notification 8)
if consider as supply GST tax rate and HSN
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