Dear Sir
We have motor Car (assets) in Propritorship Company and we are taking depriciation benifit on it .and also registered in GST.
wanted to sell of the used car to anyone .
Is we need to charge GST on sale of Assets? what will be the rate of tax?
Please help in this matter
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used car sell
Replies (3)
GST applicable
rate 28% + cess
rate 28% + cess
GST applicable
rate 28% + cess (This is NIL if you sell it to Margin Scheme registered person)
rate 28% + cess (This is NIL if you sell it to Margin Scheme registered person)
Sir,
1. GST is applicable ( refer Schedule II of CGST Act, 2017)
2. GST Rate
CGST = 9.10% ( 14×65%)
SGST = 9.10% ( 14×65%)
( refer Notification No 37_Central Tax )
Cess= 9.75% ( 15×65%)
( assuming car CC is more than 1200 )
( refer notification 7 _compensation cess)
Condition
1.Car is purchased prior to 1st July 2017.
2. No ITC under Excise, VAT, other law is claimed
In other case GST Rate is
CGST = 14%
SGST = 14%
Cess= As applicable
1. GST is applicable ( refer Schedule II of CGST Act, 2017)
2. GST Rate
CGST = 9.10% ( 14×65%)
SGST = 9.10% ( 14×65%)
( refer Notification No 37_Central Tax )
Cess= 9.75% ( 15×65%)
( assuming car CC is more than 1200 )
( refer notification 7 _compensation cess)
Condition
1.Car is purchased prior to 1st July 2017.
2. No ITC under Excise, VAT, other law is claimed
In other case GST Rate is
CGST = 14%
SGST = 14%
Cess= As applicable
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