Gst on sale of old vehicle
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 June 2018
Hi
Assessee is selling the following two vehicles for a reasonable consideration
1) a lorry ( used for business) purchased in 2015
2) Car ( Personal use) Purchased in 2016
Will GST Apply
Assessee is selling the following two vehicles for a reasonable consideration
1) a lorry ( used for business) purchased in 2015
2) Car ( Personal use) Purchased in 2016
Will GST Apply
Expert : Anonymous
Expert :
Anonymous
(Expert)
27 June 2018
There is no gst liability on sale of personal vehicle.
GST should be remitted at the applicable rate on the difference between sales consideration and WDV as per IT ACT in respect of lorry used in the business
28 June 2018
Assesse is Individual or Firm?
If Firm :( Vehicle used in business)
In case of supply of old motor vehicles the taxability shall be determined as follows:
· 1st Jul, 17 to 12th Oct, 17: Taxable Value= Amount Received; Tax Rate =28% + cess
· 13th Oct, 17 to 24th Jan, 18: Taxable Value = 65% of Amount Received; Tax Rate =28% + cess [Notification no 37/2017 Central Tax Rate]
· 25th Jan, 18 onwards: Taxable Value= (Sale Price- WDV), Tax Rate =18% or 12% as the case may be [Notification no 08/2018 Central Tax Rate]
If margin is negative ---No gst
If Firm :( Vehicle used in business)
In case of supply of old motor vehicles the taxability shall be determined as follows:
· 1st Jul, 17 to 12th Oct, 17: Taxable Value= Amount Received; Tax Rate =28% + cess
· 13th Oct, 17 to 24th Jan, 18: Taxable Value = 65% of Amount Received; Tax Rate =28% + cess [Notification no 37/2017 Central Tax Rate]
· 25th Jan, 18 onwards: Taxable Value= (Sale Price- WDV), Tax Rate =18% or 12% as the case may be [Notification no 08/2018 Central Tax Rate]
If margin is negative ---No gst
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