Composition scheme for second hand car dealers

This query is : Resolved

Dinesh Singh (Querist)
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27 February 2019 AS PER RULE 6(5) OF VALUATION RULES Value of supply for used goods shall be the difference between the selling price and purchase price. AND section 2(6) says the aggregate value of taxable supply is aggregate turnover.
Does it interpret that turnover of used goods is selling price- purchase price?
If I am registered under composition scheme will this be considered as a turnover? (selling price- purchase price).

Guest

Guest (Expert)

28 February 2019 As per section 15 of the CGST Act,value of supply shall be transaction value (i.e selling price).The Rule 32(5) of the CGST Rules only provides the amount on which tax is to be discharged.Thus,for the purpose of aggregate turnover selling price is need to be seen.