MyCarHelpline Forum for Premium Support !!

Get Professional Support from Experts. Ask your Question Now !!

  1. Paramjit
  2. Second Hand Cars
  3. Wednesday, August 09 2017
I am working with a bank and as part of salary package I was given a car which was to be purchased at WDV value at the end of 5th year. Now that I am leaving this job I need to purchase this from the bank at current WDV. As per bank GST tax of 43℅ will be charged on the sale. Please of this correct as in this case car is being purchased by individual from the bank.
Admin Accepted Answer
0
Votes
Undo
Hello,

Why GST to be charged ?

> The tax will apply only on cars sold by registered Second Hand Vendors / Dealers / Agencies involved in direct Used Car Sale, Purchase
> Also GST to be charged only on the margins which is profit arrived as difference of purchase price and sale price
> No GST to be paid by Individual, if any liability of GST then its at dealer end

There are many media reporting on same and a statement is been done by Hasmukh Adhia with a clarification published
You can also get details on - GST on Used Cars

Hope should help !!


  1. more than a month ago
  2. Second Hand Cars
  3. # 1
  • Page :
  • 1


There are no replies made for this post yet.
Be one of the first to reply to this post!
Guest
Submit Your Response
Upload files or images for this discussion by clicking on the upload button below. Supports gif,jpg,png
• Remove Upload Files (Maximum File Size: 1 MB)
You may insert polls into your post. The poll would then appear in the post.
Vote Options
Captcha
Verify