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  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

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
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