What is the rate of gst on used vehicle purchased at pregst period and also the transaction value.. It is a vehicle below
1500 cc purchased on 2007.
Is gst rate 18% and transaction value cost less wdv.?
7 Replies
prasad Nilugal
( GST Practitioner & Accounts )
(14846 Points)
Replied 07 November 2021
Have you taken Input Tax credit under CENVAT credit , under CENVAT credit rules 2004 or ITC of VAT , when you purchase vehicle in 2007 ?.
JEEVAN THOMAS THAMPY
(STUDENT)
(37 Points)
Replied 07 November 2021
Can u tell me both option .. I'm not sure about it
prasad Nilugal
( GST Practitioner & Accounts )
(14846 Points)
Replied 07 November 2021
If you not availed input tax credit then refer Notification 8/2018 CT( rate) dated 25/1/2018 on CBIC web site , GST/ notifications.
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 07 November 2021
If depreciation is claimed then ITC cannot be claimed and in case of assets 5% per quarter should be reduced
JEEVAN THOMAS THAMPY
(STUDENT)
(37 Points)
Replied 07 November 2021
Is notification 8/2018 applicable for used vehicles purchased before gst implementation also.?
prasad Nilugal
( GST Practitioner & Accounts )
(14846 Points)
Replied 07 November 2021
I Hope you and purchaser registered under GST , and vehicle was used for business purposes .
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 08 November 2021
Yes it should be used for business purposes
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