WebYou generally have to account for GST when you dispose of a motor vehicle if the disposal is a taxable sale. This applies even if the vehicle was purchased before 1 July 2000 or … WebGST In detail Rules for specific transactions GST and second-hand goods GST and second-hand goods These instructions will help you calculate and report goods and services tax (GST) on sales and purchases of second-hand goods. The term 'second-hand' means 'previously used' or 'not new'. Second-hand goods do not include the following: …
Goods and Services Tax (India) - Wikipedia
WebThe rate of GST is 18% for soaps and 28% on washing detergents. GST on movie tickets is based on slabs, with 18% GST for tickets that cost less than ₹100 and 28% GST on tickets costing more than ₹100 and 28% on commercial vehicle and private and 5% on readymade clothes. [27] The rate on under-construction property booking is 12%. [28] Web16 rows · Dec 27, 2024 · Scenario 1: Sale of old and used car on or before 12/10/2024: In terms of Rule 32(5) of CGST Rules 2024, GST is to be paid on the Margin i.e. Rs. 2,00,000 + GST at the rate of 45% (i.e. 28% … shows a count for each category
No GST on used car sold by individual, Auto News, ET …
WebJul 16, 2024 · Accordingly, in our opinion as per the test laid out in section 7 (1) (a) of the CGST Act, transaction of selling goods capitalized in the books of accounts will not be a … WebYes, GST shall be applicable. GST shall be charged on the margin amount ( sales value less WDV of car as per Income tax). The rate would be 12% (18% for SUV) - Refer Notification No. 8/2024 -Central Tax (Rate) dated 25thJanuary, 2024. Lakshita Bhandari CA, Mumbai 5669 Answers 857 Consultations 5.0 on 5.0 Talk to Lakshita Bhandari WebJun 1, 2024 · 1. 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 on the date of supply. Depreciation is as per Section 32 Income Tax Act. 2. GST rate … shows a faint halo of light