Home Forum Goods and Services Tax - GST Month 10 2020 2020 (10) This
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Transfer/sale of used motor vehicles for a consideration at wdv,Rate of Tax ? Marginal scheme applies? can recipient avail ITC ? - Goods and Services Tax - GSTExtract Sir/madam, I explained my issue with a practical instincts Motor vehicles are purchased by supplier in VAT era, and also ITC not availed, at present the referred vehicles are selling at WDV value + 5% margin sale or Transfer of motor vehicles (No.10) =63,00,000/- Depreciation taken as per IT act Wdv of 10 vehicles is 60,00,000/- Here my doubt is, valuation in case of sale of motor vehicle ? is margin scheme - i.e, Notification no.8/2018-central tax rate dated 25.01.2018 as per this notification tax is payable on margin value (consideration received- wdv) rate of tax =18 % is this notification is applicable for sale of motor vehicle ? Suppose, if above notification doesnot applies , please specify the reason and also mention alternative implications , i.e, rate of tax, taxable value for GST implications Thanking in advance Regards Gowtham
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