GST rate
CA OM PRAKASH GUPTA (CA Practice ) (76 Points)
25 February 2019
A transporter wants to sell his old truck, what will be the GST rate on sale of truck?
3 Replies
CA Naveen Chand
(Chartered Accountant)
(12729 Points)
Replied 25 February 2019
if it is not practice of the seller(i.e., dealing in trucks) so the gst is applicable on "MARGIN PRICE" only , and not on the whole amount of transaction
rate depends on cc , it may be 12% or 18%
pritesh
(CA Final student)
(7101 Points)
Replied 26 February 2019
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%
So , calculate your Gst payable on sale of vehicle as per above said notification
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%
So , calculate your Gst payable on sale of vehicle as per above said notification
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