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TMI BlogSale of Old car Purchased before GST regimeX X X X Extracts X X X X X X X X Extracts X X X X ..... Dear Sir We purchased a car before GST regime in May 2017. Now we have sold the car as under. Please inform the GST tax implications Cost in May 17--------------------------------------------------8 lac Depreciated value as per books-------------------------------6 lac Sold now-----------------------------------------------------------4 lac Please inform if any tax is to be charged Regards ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... D K Aggarwal - Reply By Prudhvi Jakkula - The Reply = As the margin is negative, tax is not required to be paid. - Reply By DK AGGARWAL - The Reply = Thanks Sir for the quick response D K Aggarwal - Reply By Nandan Khambete - The Reply = WDV of Car as per Income Tax has to be compared with Selling price. WDV as per Companies act is not relevant. Check Notification no.8/2018 - Central Tax R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ate dt 25/1/18 - Reply By KASTURI SETHI - The Reply = As per profile, the querist is not dealing in purchase and sale of old and used car.It is not his business. In pre-GST era, he was a distributor of chemicals and also importer. So he must have been registered with the department. He might have claimed depreciation under Income Tax Act or Cenvat Credit under Cenvat Credit Rules, 2004 (my p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... resumption) . So the benefit of 'margin scheme' is not available to the querist. The following Board's Flyer is also worth reading in this context:- Margin Scheme in GST - Reply By Nandan Khambete - The Reply = Dear Kasturiji, Kindly go through below Notification : Notification no.8/2018 - Central Tax Rate dt 25/1/18 This does not talk about margin scheme for Deale ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rs. - Reply By Prudhvi Jakkula - The Reply = I too expressed my opinion based on that notification only. - Reply By KASTURI SETHI - The Reply = Dear Sh. Nandan Khambete Ji, Sir, I agree with you. Views expressed by me are additional information. - Sale of Old car Purchased before GST regime - Query Started By: - DK AGGARWAL Dated:- 1-7-2019 Goods and Services Tax - GST - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Got 7 Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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