WebAug 20, 2024 · 1 Dated: 20-8-2024. By:- ANITA BHADRA. Valuation of Old or Used car for GST Calculation. Value on which GST at 18% / 12 % ( as the case may be ) to be calculated shall be Margin of Supply which is to be calculated in the manner as mentioned in Notification No. 08/2024 which is given below: 1. In Case Depreciation under Income Tax … WebJun 9, 2024 · The Value for intended supply shall be the difference between the consideration received for supply of said car and the depreciated value of the said car …
GST on Sale of old used Car - Personal, business Purpose - Scrap, Resale
WebMay 4, 2024 · Company need to pay GST on ₹ 15 recovered from employees at the time of purchase. It may be considered as consideration for supply of service for use of car by company to employees. As company has already paid tax on the ₹ 15 recovered earlier there does not arise question of adding it again at the time of sale of car. WebApr 25, 2024 · 3. GST-18% on Old and used motor vehicles of engine capacity exceeding 1500 cc, popularly known as Sports Utility Vehicles (SUVs) including utility. 4. GST-12% on All Old and used Vehicles other than those mentioned from S. No. 1 to No.3. Note: … marisa fasolino
GST on Motor Cars and Light Motor Vehicles - ClearTax
WebMay 9, 2024 · GST will be applicable on margin value i.e. sale price - wdv as per Income Tax Act. For eg sale price is 1.6 lakh and wdv as per Income Tax Act is 1 lakh than GST will be applicable on 60000/- If sale price is 1.60 lakh and wdv as per Income Tax Act is 1.70 lakh than resultant margine is negative and GST will not be applicable. WebMotor vehicles held when your GST registration is cancelled. Work out what to do if you cancel your GST registration while you still hold a motor vehicle. Last modified: 02 Jun … WebApr 1, 2024 · Under the Margin Scheme (in GST), a taxpayer, who opts for this scheme, is allowed to pay GST check on the margin amount on GST on sale of second hand machinery goods, i.e. the difference between the value at which the goods are supplied and the price at which the goods are purchased. daniela denzer