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gst on second hand motor car

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Consultant
423 Points Posted on 16 July 2018
dear expert.

taxable value for second hand car is difference between sale value - purchase cost. and taxable @ 18%
I.e margin scheme

but for the purpose of registration limit (20 lacs) which value to be considered....?
1 - sale value of car ..
or
2- taxable value as calculated above.
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On 16 July 2018 at 22:02 Report
Replies (8)
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"Do the Right Thing...!!!"
128147 Points Posted on 16 July 2018
You are asking based on Business dealer or Consumer who is not its his business?
463 Reply
On 16 July 2018 at 23:09
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GST Practitioner
55067 Points Posted on 17 July 2018
transaction value will be taxable value , As in GST margin scheme is to calculate the GST payable for those who deals in 2nd Hand Goods

So kindly clarify your query whether you deals in 2nd goods or selling your Old Car
301 Reply
On 17 July 2018 at 09:13
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Consultant
423 Points Posted on 17 July 2018
m dealer of second hand cars, asking based on dealers point of view
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On 17 July 2018 at 10:08
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GST Practitioner
55067 Points Posted on 17 July 2018

YES , YOUR TURNOVER WILL BE CALUCULATE ON SALE VALUE ON PROFIT MARGIN

301 Reply
On 17 July 2018 at 16:21
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Consultant
423 Points Posted on 17 July 2018
please clarify... sale value or profit margin....?
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On 17 July 2018 at 16:24
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GST Practitioner
55067 Points Posted on 17 July 2018

SALE VALUE IS TRANSACTION VALUE ON WHICH THE CAR SOLD

PROFIT MARGIN IS SALE MINU PURCHASE

301 Reply
On 17 July 2018 at 16:27
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Consultant
423 Points Posted on 17 July 2018
so my turnover will be sale value of car..
means if sale value exceeds 20 lacs then I need to register in GST..
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On 17 July 2018 at 16:30
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GST Practitioner
55067 Points Posted on 17 July 2018

YES CORRECT ....DEAR

YOU HAVE TO TAKE REGISTRATION  BUT CAN OPT THE OPTION OF  MARGIN SCHEME, MEANS GST TO BE PAID ON ONLY PROFIT MARGIN

301 Reply
On 17 July 2018 at 16:35


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