Hi Experts...
Please kindly clarify Whether GST is applicable on sale of car purchased during VAT period in which ITC was not taken.How GST is calculated on this sale consideration?
Thanks in advance...
4 Replies
Pankaj Rawat
(GST Practitioner)
(55052 Points)
Replied 11 May 2022
Dear kesavraj
As per Notification 8/2018 CT (r)
Vehicle of Vat Regime (VAT not claimed) 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%
As per Notification 8/2018 CT (r)
Vehicle of Vat Regime (VAT not claimed) 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%
Kesavaraj S
(580 Points)
Replied 11 May 2022
What about vehicle purchased during GST regime but ITC not taken and it is sold less than WDV value...
Pankaj Rawat
(GST Practitioner)
(55052 Points)
Replied 23 September 2022
No GST as it is sold on loas
Recent Topics
- SECTION 148 PROCEEDING
- GST AUDIT 01 - NOTICE
- Capital gain purchase date
- Transmission of deceased's shares in physical form
- Income tax notice but unable to file updated retur
- Income tax depreciation deductions
- GST Notice (Under Section 73)
- Asset Declaration in ITR2 for flat purchased in jo
- Active pan but invalid
- SECTION 128A For those who filed appeal and order
Related Threads
Trending Online Classes
-
PF & ESI Course - Labour Code 2019 Along with Examples and Case Studies
Mr.Balamurugan Ranganathan13 March 2025
CAclubindia
