I have purchased Car in the name of my Firm and I am not a dealer of car.
Will Gst be applicable on Margin amount or on whole sale consideration
Vehicle of Vat Regime Sold in GST Regime :
GST is applicable on Profit Margin (Sale-Puchase )
As per Notification 8/2018 CT (r)
Vehicle Purchased & Sold in GST Regime :
If ITC claim , then GST is on transaction Value (Sale 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 8/2018 CT (r)
More then 1500 CC , leanth exceeding 4000 MM, GST is 18%
Else ,.. 12%
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