2nd had car sale
This query is : Resolved
08 August 2018
We have Toyota Corolla Altis (Luxury car)registered in my company name, now planning to sell the same. Is GST is applicable on sale of car?
But I am confused that some of expert said that No GST is applicable on sale of used car by a company or Firm (who is not involved in trading of cars as main business) and
Some of expert comments that GST is applicable GST is applicable @ 28% plus cess
As per schedule 1 of CGST Act , Permanent Disposal of business Assets will be treated as supply.
Sir now question is what is the rule of sale 2nd hand car in name of the company?
But I am confused that some of expert said that No GST is applicable on sale of used car by a company or Firm (who is not involved in trading of cars as main business) and
Some of expert comments that GST is applicable GST is applicable @ 28% plus cess
As per schedule 1 of CGST Act , Permanent Disposal of business Assets will be treated as supply.
Sir now question is what is the rule of sale 2nd hand car in name of the company?
08 August 2018
Second hand goods are goods, and any supply of second hand goods are supply of goods taxable under GST laws. GST is required to be paid.
08 August 2018
thanks sir, it means we should charge GST @ 28% +Cess in our sale invoice. Sir One more question, when we purchase Car in the name of Our company, should I take ITC? and when we paid car insurance, should I take ITC? Pl clarify
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- RCM INVOICING FROM NOV-2024
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Should I report my US salary for January, February, March in Schedule FA?
- Sale of property furniture sale
- Confusion around Form 26QB fields
- Adjustment entry in the case of Individual and HUF on 31st March
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
