TMI BlogTransfer/sale of used motor vehicles for a consideration at wdv,Rate of Tax ? Marginal scheme applies? can recipient avail ITC ?X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... otor 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .e, rate of tax, taxable value for GST implications Thanking in advance Regards Gowtham - Reply By Rajagopalan Ranganathan - The Reply = Sir, In my view you can sell the cars on payment of tax @ 18% (as per Notification No.8/2018-CT(Rate) dated 25.1.18 on the transaction value. The difference between the purchase price and selling price is for the purpose of valuation only. If the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... difference is negative then you need not pay any tax. - Reply By KASTURI SETHI - The Reply = In the above scenario, Notification No.8/2018-CT(Rate) dated 25.1.18 is applicable for the sale of old and used motor vehicles. - Transfer/sale of used motor vehicles for a consideration at wdv,Rate of Tax ? Marginal scheme applies? can recipient avail ITC ? - Query Started By: - SSOE SSOE Dated:- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 15-10-2020 Goods and Services Tax - GST - Got 2 Replies - GST - Discussion Forum - Knowledge Sharing, reply 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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