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Exchange of Car, Goods and Services Tax - GST |
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Exchange of Car |
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A GST registered person exchanges his old car for new car. The car Company credits him with 1) value of old car 2) Exchange Bonus and 3) Loyalty bonus. Item No. 1 is subject to GST as per notification No.8/2018 dated 25th January 2018. Are loyalty Bonus and exchange bonus are also subject to GST. Posts / Replies Showing Replies 1 to 1 of 1 Records Page: 1
The exchange value fixed for the old car in excess of the book value shall be liable for GST @18% or 12% as the case may be as per notification No.8/2018 dated 25th January 2018. Loyalty Bonus and Exchange bonus is the reduction in the sale price of the new car (in the form of discount) - No GST attracts on the same. Regards Sudhir V. S sudhir@hiregange.com Page: 1 Old Query - New Comments are closed. |
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