rakesh
(trainee)
(86 Points)
Replied 11 September 2017
Dinesh Reddy
(138 Points)
Replied 11 September 2017
Rule 32(5) of CGST Rules,2017 is the one which delas with the used cars related procedure. According to this rule you can choose to pay tax on Margin that you earned by buying and selling of the vehicle. In case there is a loss, you need not pay any tax for that particular vehicle.
The rate of tax is 28% basic+ Cess @ 1%/3%/15% as per the length, CC and Fuel type of the vehicle.
This scheme is called margin scheme.
rakesh
(trainee)
(86 Points)
Replied 11 September 2017
Dinesh Reddy
(138 Points)
Replied 11 September 2017
I am not sure about this and i will update you if i come to know the confirmed news.
SKumar
(Manager)
(385 Points)
Replied 24 September 2017
Rule 32(5) quoted above is only applicable if supply is provided by a person dealing in buying and selling of second hand goods.
Dr. ShamsheerKhan
(Director of S S Associates)
(968 Points)
Replied 24 September 2017
CAclubindia
