- The GST Council has recommended a unified 18% GST rate for the sale of all old and used vehicles, including electric vehicles (EVs), simplifying previous tax structures without imposing any new taxes.
- Only registered businesses involved in the buying and selling of old and used vehicles are liable to pay GST; individuals selling vehicles to other individuals are exempt from GST.
- GST is calculated based on the margin between the sale price and the purchase price, considering depreciation claims; if the margin is negative, no GST is payable.
Source A2ztaxcorp
Latest Posts in "India"
- Bombay HC Rules Freight Charges Reimbursed by Wholesalers Not Part of Sale Price
- GST Council announces major rate restructuring and exemptions
- Traders Face Penalties for Not Passing GST Reductions to Customers, Warns Government
- CBIC Clarifies GST Implications on Secondary or Post-Sale Discounts for Businesses
- India Slashes GST on Drones to 5%, Boosting Domestic Manufacturing and Sectoral Growth
