Sale of Lorry -GST implication

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..... Sale of Lorry -GST implication
Query (Issue) Started By: - vignesh VSACCOUNTOPRIVATELIMITED Dated:- 6-1-2023 Last Reply Date:- 15-1-2023 Goods and Services Tax - GST
Got 5 Replies
GST
Sir. Lorry used for business purpose is sold now, Seller and buyer both are registered under GST, Seller has availed ITC on the purchase of Lorry and not claimed Cess. is 1. GST to be charged on the sale .....

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..... Consideration? 2 .Is Compensation cess to be Charged? Reply By Shilpi Jain: The Reply: If this vehicle does not get covered under notification 8/2018-CTR - GST and cess would be liable on the sale. Why is the doubt? Reply By vignesh VSACCOUNTOPRIVATELIMITED: The Reply: Thank u mdm for ur reply. Compensation cess on purchase was not claimed or adjusted against ITC , can we setoff the same whi .....

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..... le selling the Lorry? Reply By Ganeshan Kalyani: The Reply: Refer : Government Exempted the Cess applicable on sale of Used vehicle through Notification No. 1/2018 Compensation Cess Rate Reply By Padmanathan Kollengode: The Reply: 1. Since ITC under GST was availed on purchase, Notification No 8/2018 dated 25-01-2018 will not apply and hence, provisions of section 18(6) r.w. rule 40 shall appl .....

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..... y. 2. In my opinion, Compensation cess is also applicable since the Entry 42A of Notification No. 1/2017 compensation cess (rate) dated 28-07-2017 shall not apply as ITC has been availed. Reply By Shilpi Jain: The Reply: Looks like some portion of my reply in point 1 is missed to be posted. I agree with the post by Mr. Padmanathan.
Discussion Forum - Knowledge Sharing .....

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