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Sale of old car, Goods and Services Tax - GST |
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Sale of old car |
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Dear sir, My partnership firm wants to sell a car purchased in the year 2009 to a unregistered person and also wants to buy a new car. So is gst applicable on sale and itc applucale on puchase of new car? Subir Bose Posts / Replies Showing Replies 1 to 3 of 3 Records Page: 1
GST is payable on sale of old car. ITC is not admissible on purchase of a new car. Read Section 17(5) of CGST Act, 2017.
As per IGST Notification No 09/2018 w.e.f. 25/01/18 old and used car is taxable on the written down value of cad minus sale value.
This IGST Notification No 09/2018 w.e.f. 25/01/18 has diluted the judgments of various high court and also the advance ruling of various State VAT Departments. The moot question is that when you are not allowed to avail ITC at the time of purchase of car (except only in some cases) and how come it is required to pay the tax on sale of car. it is tantamounting to double taxation. This issue had been raised in various forum but no concrete solution was provided. Page: 1 Old Query - New Comments are closed. |
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