Menu
GST kn second hand cars
Is there any GST liability on sale of second hand Motor vehicles used in the business where No input benefits of vat/GST was taken on the purchase of Motor vehicles .
Replies (3)
may be no liability on sale , it's on end of purchaser .
when any person transfer any business asset without consideration and on which is not claim ITC then it is not a supply however when a person takes consideration then it in any case it is a supply and he will be liable to pay GST on the on sales consideration
Definition of ‘supply’ Under section 2(92) read with section 3 ‘supply’ includes all forms of supply of goods and/or services such as sale, transfer, barter, exchange, licence, rental, lease or disposal made or agreed to be made for a consideration by a person in the course or furtherance of business.
Sale of second hand car, if not done in course or for furtherence of business, shall not be a supply. hence, it will not be taxed.
Recent Threads
- E way bill expired penalty
- Best SME Focused AIF Funds in India for High Growt
- How does employee management software help in stat
- Clarification Required – Section 18 of Wage
- How to split freelance project income with a frien
- 194a for A y 2024-25
- Compensation & Benefits
- SAC code and GST rate transport services for anima
- Section 44AB is Gone — How Different is Tax
- Capital Gains from Cancelled Residential Project
Related Threads
CAclubindia
