GST on used vehicle
Query (Issue) Started By: – sunil kumar Dated:- 28-2-2019 Last Reply Date:- 4-3-2019 Goods and Services Tax – GST
Got 11 Replies
GST
Dear Sir,
Iam a registered dealer under GST.May I request your expert advice as under:
If I purchase a repossessed vehicle @ 100000-00( which falls under 12% gst)
PURCHASE PRICE :- 100000-00
EXPENSES ;- 25000-00 (on insurance cover,MV tax,Parking charges to yard,4 tyre, (incld.GST)
Sold the vehicle@ ;- 150000-00
Net Dealer Margin :- 25000-00
Would I have to pay the GST on Dlr Margin i.e on 25000-00 or on the difference of sale price & purchase price 150000 (-)100000 )= 50000
Kindly have your kind advice on the above confusion.
Regards,
Sunil
Reply By KASTURI SETHI:
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customer against cost of insurance policy, new tyres, parking charges payable to parking yard & transportation charges from yard, after adding nominal services charges.
For example :-
cost of insurance policy 8000-00 (GST payable)
Parking Charges 10000-00 (GST payable)
Cost of 04 tyres 7000-00 (GST payable)
Tpt charges Pertol & driver 3000-00 (Vat payable on petrol)
Gross 28000-00
service charges from customer 2000-00
Do I have to pay the GST on 28000-/ or 2000/- against service charges collectable from customer.
May I request for your kind advice?
Regards,
Sunil
Reply By KASTURI SETHI:
The Reply:
Dear Querist,
First you are requested to reply to the question raised on 2.3.2019 by Sh.Ganeshan Kalyani Ji. Pl. confirm whether
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