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Gst on fixed asset sale

07 August 2018

i had a car with book value of rupees 2 lac
if i sale this car today in rupees 2 lac so i had to pay gst on this or not ?
n whats the rules about this in vat regime

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3 Replies

Ankita Chachan (practitioner) (548 Points)
Replied 07 August 2018

Gst is to be charged on the difference of sales value and book value.

Since in your case, there is no difference in sales value and book value, hence no gst is to be charged.

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Tarun Singhal (151 Points)
Replied 07 August 2018

thanks for the reply mam
do you knew any notification about it

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Pankaj Rawat (GST Practitioner) (55052 Points)
Replied 07 August 2018

As per Notification 8/2018 CT (r)

Vehicle of Vat Regime Sold in GST Regime :
GST is applicable on Profit Margin (Sale-Puchase )

Vehicle Purchased & Sold in GST Regime :

If ITC claim , then GST is on transaction Value
If ITC is not claim , then GST is on Profit Margin (Sale - Purchase)

GST Rate 12 % & 18% is applicable as per CC engine of vehicle mentioned in Notification.

More then 1500 CC , leanth exceeding 4000 MM, GST is 18%

Else ,.. 12%

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