old car sales under GST, Goods and Services Tax - GST

[venkat eswaran]

Dear Experts,

We are going to sale our company car. Now GST for that is 28% + Cess 15% => Total 43% is coming

When we bought the car we paid VAT 14.5% ( Excise duty already included and not shown dealer invoice) only but when we sell it now 43% GST is coming which is very high.

Whether we can adjust Excise credit already suffered earlier from that in the current rate 43%

Kindly share your views

Thanks in advance

Venkat

Posts / Replies

[Ganeshan Kalyani]

In my view, you cannot adjust the set off of earlier law. Under transition only input in raw material, semi finished goods and finished goods lieing as on 30.06.2017 is eligible to be carried forward to GST regime.