we had purchased a tempo under VAT for self use (cenvat,vat credit not taken). Now we want to sale,please let us know the calculation of GST on sale price if applicable.
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%
So , calculate your Gst payable on sale of vehicle as per above said notification
CAclubindia
