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Used car sale

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40 Points Posted on 19 November 2019
Selling my car which was purchased in 2016 september. Have claimed depreciation under IT act. Car appears in the balancesheet of my partnership firm. Sale value may be above or below WDV. please advise as to GST impact
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On 19 November 2019 at 13:19 Report
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GST Practitioner
55067 Points Posted on 20 November 2019
As per Notification 8/2018 CT (r)

Vehicle of Vat Regime Sold in GST Regime :
GST is applicable on Profit Margin (Sale-Puchase )
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%
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On 20 November 2019 at 00:04
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40 Points Posted on 20 November 2019
Thank you sir. so i can presume that there will be no tax if sale price is lower than wdv
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On 20 November 2019 at 14:40


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