GST on sale of second hand truck
April 30th, 2023 asked by Harshit
Dear Sir, A goods transport agency is selling its old used truck. GTA is registered under GST. what is the GST rate applicable on sale of used truck and what shall be the value for charging GST. please guide.
By admin | April 30th, 2023
Expert Answer
By admin | April 30th, 2023
GST @ 12 % shall be charged on sale of used truck. Notification No. 8/2018 Central Tax (Rate) was issued in this regard which clearly mentioned that rate of GST as per vehile specification. Taxable value shall be the difference between sale value and depreciated value of vehicle i.e. GSt shall be charged on difference between sale value and WDV of vehicle. if sale value is less than WDV, no GST shall be charged.