Can anybody please provide me with the information relating to Taxability of Sale of USED vehicle by a company not dealing in second hand vehciles, what is the mechanism of taxation, Rate of GST, value of Supply Etc.
URGENT Matter
Hemanth (Student LLB) (45 Points)
19 November 2018Can anybody please provide me with the information relating to Taxability of Sale of USED vehicle by a company not dealing in second hand vehciles, what is the mechanism of taxation, Rate of GST, value of Supply Etc.
URGENT Matter
gagan
(student)
(105 Points)
Replied 19 November 2018
Pankaj Rawat
(GST Practitioner)
(55047 Points)
Replied 20 November 2018
Hemanth
(Student LLB)
(45 Points)
Replied 20 November 2018
As per Notification 8/2018 CT (r) Vehicle of Vat Regime Sold in GST Regime : GST is applicable on Profit Margin (Sale-Puchase )
Whether Sale Consideration Less Purchase Price has to be taken or the Written Down Value as per Income Tax Act, 1961 has to be taken
Pankaj Rawat
(GST Practitioner)
(55047 Points)
Replied 22 November 2018
@ hemanth
correct .................................................
Sarika Kothari
(144 Points)
Replied 26 November 2018
Pankaj Rawat
(GST Practitioner)
(55047 Points)
Replied 29 November 2018
the written down value (the value of asset in books)
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