In the case of partnership firm, motor vehicle is registered in the name of partner, used in business and shown in balance sheet, if it is sold then whether the firm is required to Pay GST on such sale?
if yes what is the rate of tax?
what is HSN?
What if it is a proprietorship concern?
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Sale of Vehicle
Replies (2)
In my view GST not applicable to "Sale of Old Car"
The tax is on supply of goods. you are selling the car whether old or new which by all means is a supply. Therefore, the sale of car is subject to charge of GST. I have not seen any provision of law suggesting otherwise. The rate of tax GST + CESS will depend on the segment of the car. The HSN code is 8703.
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