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old tempo sold

Pankaj Rawat (GST Practitioner) (55052 Points)

18 January 2018

Respected sir
We r the retail business of electronic goods,.. purchase new tempo on August 17, & sold the same in Dec 17, whether we hv to deposit the GST on sale & if yes then at what rate??

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5 Replies

Amarjeet jasiwal (student) (147 Points)
Replied 19 January 2018

No .. no gst is to be paid on sale of car as it is not in furtherance of business and no itc can be claimed of gst laid on purchase of car .. therfore schedule I is NA

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Pankaj Rawat (GST Practitioner) (55052 Points)
Replied 19 January 2018

Sir
But its not a car, its tempo used in business for carriage, moreover we hv avail the ITC for the same

Amarjeet jasiwal (student) (147 Points)
Replied 19 January 2018

motor vehicle includes both car and tempo.. n acc. to me, one cannot avail ITC on purchase of motor vehicle.

Pankaj Rawat (GST Practitioner) (55052 Points)
Replied 21 January 2018

Dear Amarjeet

Plz read below a extract from sec 17(5)
If it's used for transportation of goods the input can be claim

5] Notwithstanding anything contained in sub-section [1] of Section 16 and subsection [1] of Section 18, input tax credit shall not be available in respect of the following, namely:-

[a] motor vehicles and other conveyances except when they are used--

[i] for making the following taxable supplies, namely:-

[A] further supply of such vehicles or conveyances ; or

[B] transportation of passengers; or

[C] imparting training on driving, flying, navigating such vehicles or conveyances;

[ii] for transportation of goods;

JAGANATHAN R ACMA, SAP(Fi-Co) (Manager Accounts and Finance) (915 Points)
Replied 21 January 2018

you have to prepare the sales invoice or scrap invoice with GST ., and the same will reflect in Fixed asset statement as deletion., the rate you can check with GST RAte