Gst on sale of used car by registered firm

This query is : Resolved

MANJUNATH. S. KONANURU (Querist)
Follow

12 October 2017 Dear Experts,

We have sold used car to an individual for less than book value. All these years we were taking depreciation benefit.

Whether we have to charge GST on sale of used car or not.

Please help.

Udaya Chandran

Udaya Chandran (Expert)
Follow

12 October 2017 GST is applicable on sale of used cars also. You may need to reverse the credit in TRAN-1, it taken before.

MANJUNATH. S. KONANURU

MANJUNATH. S. KONANURU (Querist)
Follow

13 October 2017 Dear Mr. Udaya Chandran,

Thank you for your relply.

As the car belongs to 1996, we have not taken any tax credit on that.

Even in this case also we have to pay GST ?

Thanks & regards

RAJA P M

RAJA P M (Expert)
Follow

13 October 2017 https://www.google.co.in/amp/indianexpress.com/article/business/economy/sale-of-used-cars-gst-only-on-margins-made-by-dealer-says-adhia-4725219/lite/

Udaya Chandran

Udaya Chandran (Expert)
Follow

13 October 2017 @ Mr.MANJUNATH - Yes you need to pay GST. Only the dealers in second hand cars are exempted.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok