Sale of Second hand car
Query (Issue) Started By: – Naina Chowdary Dated:- 6-7-2018 Last Reply Date:- 7-7-2018 Goods and Services Tax – GST
Got 3 Replies
GST
Dear Sir\/Mam,
\nI bought a car by paying VAT under installment basis scheme provided by the org I am working in. The car is reg under the org name. As i left the org, now i want to buy the same from my org . The org has availed the dep on it. They are Ready to sell the car at WDV.
\nNow the sale is an Inter State sale. But while paying installments i paid VAT. Is GST applicable?
\nReply By KASTURI SETHI:
\nThe Reply:
\nPayment made after 1.7.17 is liable to GST.
\nReply By DR.MARIAPPAN GOVINDARAJAN:
\nThe Reply:
\nGST is applicable as ascertained by Shri Sethi.
\nReply By YAGAY and S<\/p>\n
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Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n hose mentioned from S. No. 1 to S.No.3 = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" Sale of Second hand car Query (Issue) Started By: – Naina Chowdary Dated:- 6-7-2018 Last Reply Date:- 7-7-2018 Goods and Services Tax – GSTGot 3 RepliesGSTDear Sir\/Mam, I bought a car by paying VAT under installment basis scheme provided by the org I am working in. The car is reg under the org name. As … Continue reading “Sale of Second hand car”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-12496","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/12496","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12496"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/12496\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12496"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12496"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12496"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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\nNote: Government also Exempted the Cess applicable on sale of Used vehicle through Notification No. 1\/2018 Compensation Cess Rate.
\nValuation of Old or Used car for GST Calculation
\nValue on which GST at above rates to be calculated shall be Margin of Supply which is to be calculated in the manner as mentioned in Notification which is given below:
\n1. In Case Depreciation under Income Tax Act Availed: Margin of supply shall be difference between Sale consideration and Written down Value and tax to be calculated on such Margin, and where the margin of such supply is negative, it shall be ignored.
\n2. In other cases: Margin of Supply shall be difference between sale price and purchase price Tax to be ca<\/p>\n
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