A person dealing old and used motor vehicle (Margin Scheme) Rule 32(5) of CGST Rules - GST Ready Reckoner - GST

A person dealing in old and used motor vehicle ( Margin Scheme) Determination of Value of supply (i) In case of a registered person who has claimed depreciation under section 32 of the Income-Tax Act,1961 on the said goods, Value = Consideration received - Depreciated value on the date of supply Consideration Depreciated value Ignore negative value (ii ) In any other case Value= Selling price - Purchase price Selling price Purchase price Ignore negative value Concessional Rate of tax The government has issued Notification No. 8/2018 -Central Tax (Rate) dated 25th Jan 2018 , where by concessional rate of GST has been specified on intra state supply of old and used motor vehicles. The government has issued Notification No. 9/2018 Integrated Tax (Rate) dated 25th Jan 2018 , where by concessional rate of GST has been specified on intre state supply of old and used motor vehicles. The government has issued Notification No. 1/2018-Compensation Cess (Rate) dated 25 January 2018 has been issued to concessional rate on supply of old and used motor vehicles from levy of compensation cess. Condition of these notification are:- Benefit of these notification is available on the supply of old and used motor vehicles. This notification shall not apply, if the supplier of such goods has availed input tax credit; - as defined in clause (63) of section 2 of the CGST Act, 2017 , - CENVAT as defined in CENVAT Credit Rules, 2004 or - the input tax credit of Value Added Tax or - any other taxes paid, on such goods.