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Used car sale
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
Replies (2)
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%
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%
Thank you sir. so i can presume that there will be no tax if sale price is lower than wdv
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