Here's how the new GST policy on used cars will affect both individuals and businesses
The GST Council has recommended an increased 18% tax rate on used car sales of electric vehicles (EVs), along with specified petrol and diesel cars
GST on selling old cars: How does 18% tax on used vehicles affect you? Explained
The 18 per cent GST would not be applicable if an individual sells old and used car to another individual. If a GST registered person has claimed depreciation, the tax is payable only on the value representing the margin.
GST on used vehicles: Know how 18% tax on selling old cars will affect you
As the country was busy figuring out the increased tax on caramelised popcorn, the 18 per cent Goods and Services Tax (GST) on selling old vehicles has grabbed eyeballs, with many discussing it how it would affect them.
GST of 18% to be levied on sale margin of a car
The GST on the margin of sale for used vehicles, including electric ones, has been revised to 18%. GST is payable only on the margin between purchase price and sale price. For depreciated vehicles, GST applies only if the sale price exceeds the depreciated value.
GST on selling used cars? Here's some clarity on who will pay how much
GST On Old Used Cars Only When Sale Price Higher Than Depreciated Value
A registered person will have to pay GST on sale of old and used vehicle only if the seller has earned a margin, which is the selling price is higher than the depreciation adjusted cost price of the vehicle,
18% GST On Old, Used Cars Only If Seller Earns A Margin: Report
Used Cars: 18% GST - Will It Affect Individual Buyers, Sellers? Explained
Registered sellers must pay GST on the sale of old and used vehicles only if there is a positive margin, meaning the selling price exceeds the depreciation-adjusted cost of the vehicle. If the margin is negative,
GST applicable on used car sales only if sale margin is positive; no tax on individual-to-individual sales
Only “registered persons” — mainly businesses involved in purchase and sale of used vehicles — are liable to pay Goods and Services Tax (GST) on sale of old and used vehicles, and that too only if a margin is earned on such a sale,
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