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?
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
CAclubindia
