TMI BlogSale of Old CarX X X X Extracts X X X X X X X X Extracts X X X X ..... Dear Experts, We have car in the name of partner (show in partnership firm accounts) so sale of such car to dealer (Selling-Purchasing old / new cars) will attract gst and if yes at what rate. We also purchase new car from dealer after adjustment of old car price. Thanks Regards, Jatinder Kumar - Reply By Ramaswamy S - The Reply = sale of old car by an individual to a dealer (or exchange) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... do not attract GST. Please refer FAQ and also twitter reply on the same. - Reply By Ramaswamy S - The Reply = However, if the sale is in the course of business (disposal), GST is payable attracts 28% GST. - Reply By KASTURI SETHI - The Reply = From the query it is clear that sale of old car is in the course and furtherance of business. Hence taxable. - Reply By Jatinder Kumar - The Reply = ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Thank you very much Sir - Reply By Himansu Sekhar - The Reply = If the car is for further supply by the purchaser, then there will be no gst. Otherwise gst will be the rate at which the new car is sold. Also compensation cess applicable. - Reply By Chhatra Jain - The Reply = So far as I gathered from your query you are to sell your firm's car and / or exchange it for new one. In my view ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... when you sell to an individual or through old car dealer you need not to pay any tax. In case it is through car dealer car and dealer sells this car to another person he has got to pay GST on difference price ( sale minus purchase price from you) Now come to exchange. You will have to pay GST on full value of car not on reduced exchange price. Suppose you buy car for 6 lakh and 1 lakh is value of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... old car then you have to pay 5 lakh but GST and cess is payable on Rs. 6 lakh. - Reply By KASTURI SETHI - The Reply = I support the views of Sh.Jain Sir. Art of interpretation and expression is par excellence. It is a fact. - Sale of Old Car - Query Started By: - Jatinder Kumar Dated:- 26-9-2017 Goods and Services Tax - GST - Got 7 Replies - GST - Discussion Forum - Knowledge Sharing, rep ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ly post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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