Car from employer GST

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..... Car from employer GST
Query (Issue) Started By: - Ashok kumar Dated:- 10-8-2019 Last Reply Date:- 14-8-2019 Goods and Services Tax - GST
Got 8 Replies
GST
Hi , I have taken a car through my company on lease, company provided to me by taking from another financial company and at the time of separation , i have to purchase the same. what will be GST obligation. thanks Reply By KASTU .....

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..... RI SETHI: The Reply: This supply is in the course of business or furtherance of business and hence taxable. Reply By Ashok kumar: The Reply: They are chaging 29.25% gst , it it right Reply By KASTURI SETHI: The Reply: This is GST rate (28 % = 14 +14%) for new vehicle. See Notification No.1/17-CT(Rate) dated 28.6.17 as amended from time to time up to 31.12.2018. Serial No.165 (8703). And see .....

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..... notification no.5/17-CC (Rate) dated 11.9.17 for Cess. Reply By Ganeshan Kalyani: The Reply: You may refer Notification no.8/2018-CTR dated 25.01.2018. Reply By Ashok kumar: The Reply: Thanks but can you just help me understand whether they are charging the correct percentage. Reply By KASTURI SETHI: The Reply: GST Rate 29.25% is correct. For old & used car follow the reply of Sh.Ganeshan Ka .....

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..... lyani Ji. You are to decide from both options/Notifications. Reply By SHIVAKUMAR GOKARNESAN: The Reply: Sir If thecar is a business asset in the books of the employer and employer claimed depreciation for income tax assessments then the taxable value for such used car shall be " the difference between the depreciated value as onthe date of sale and actual sale value realised from buyer. If if t .....

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..... he difference is positive GST 18% or 12% ( see Notifications Jan 2018) is payable on the difference. If the difference is negative you may ignore. However the higher purchase agreement is to be seen for conditions if any to decide sale of new car or used car Gokarnesan Advocate Reply By Ganeshan Kalyani: The Reply: Depreciation to be calculated as or income tax rates.
Discussion Forum - K .....

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..... nowledge Sharing .....

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