logo T a x - L o k
A Complete Solution of All Your Tax Problems
Developed by Prakhar Softech Services Ltd.
(In Association with Shanti Prime Publication Pvt. Ltd.)
Call Us 09001929869
Call Us Shopping Bag (0)
  • follow us on facebook
  • follow us on twitter
  • follow us on google plus
  • follow us on linkedin
  • follow us on pinterest
  • rss fee
  • Visitors 
  • 0
  • 8
  • 1
  • 8
  • 0
  • 1
  • 7
News :
News
Sub
Loding Content
Submit a Query
  Refresh
   Verification Code
View Orders
show products
FB Followers
What is New
Finance Bill 2018-19
Budget Speech 2018-19
Query Answer
go to back

MY CLIENT IS DEAL IN OF SECOND HAND USED  CAR   SALES AND PURCHASE

 EX: HE PURCHASE CAR RS 220000 FROM UNREGISTERED PERSON AND SALE THIS CAR TO ANOTHER PERSON RS 230000 THE MARGIN AMOUNT BETWEEN THIS TRANSACTION  IS RS 10000

ON WHICH AMOUNT HE IS LIABLE TO PAY GST???

Reply

As per Rule 32(5) of CGST Rules, 2017 Where a taxable supply is provided by a person dealing in buying and selling of second hand goods i.e., used goods as such or after such minor processing which does not change the nature of the goods and where no input tax credit has been availed on the purchase of such goods, the value of supply shall be the difference between the selling price and the purchase price and where the value of such supply is negative, it shall be ignored. Therefore, Taxable value will be Rs. 10,000/- in the above case.

go to back