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used vehicle sale

sajeer k (accounts officer) (177 Points)

30 May 2018

need gst registration for used two wheeler sale businesses?

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Vinod Babu (24191 Points)
Replied 30 May 2018

A business whose aggregate turnover in a financial year exceeds Rs 20 lakhs has to mandatorily register under Goods and Services Tax. This limit is set at Rs 10 lakhs for North Eastern and hilly states flagged as special category states. Also, the definition of taxable turnover has been changed to aggregate turnover.

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Subhkaran Surana (343 Points)
Replied 31 May 2018

Yes, as per section 22(1) of the CGST Act, 2017,
registeration is required if the aggregate turnover exceed the threshold limit of 20 lacs
in case of special category states as defined under ARTICLE 249(4g) the limit is 10 lacs.

GST is to be paid on the difference between the sale price and the purhase price, as per section 15 of the CGST Act, 2017 read with rule 33 of the CGST Rules 2017