what would be turnover for
calculating 20lacs limit in case of old cars dealer?
whether it would be margin or selling price received?
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turnover of old cars
Replies (8)
How you transact?
Purchase from seller or just transfer on brokerage base?
it is purchased and amt is paid from our account and then sold.
For GST
Turnover would be Value of taxable supplies + Value of inter-state supplies + value of exempt supplies of good and services + value of all exports of goods/services/both.
Thus, the total selling price received would be considered.
in that case gst on margin should be charged from customer. which in case of old cars no one would be ready to pay
Rule 32 of CGST Rule 2017, states about the Determination of Value in respect of certain supplies. As per sub rule 5 of the said rule, Where a taxable supply is provided by a person dealing in buying and selling of second hand goods, used goods as such or after such minor processing which does not change the nature of the goods and where no input tax credit has been availed on the purchase of such goods, the value of supply shall be the difference between the selling price and the purchase price
dhirajlal ji this value would be considere for calculating gst only. or this would also be considered for calculating limit of regn of 20 lacs?
No.
GST is charged on the transaction value of the goods. However, in respect of second hand goods/car , a person dealing is such goods may be allowed to pay tax on the margin.
it means gor regn limit of 20 lacs transaction value is considered and for calculating gst margin would be considered.
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