GST MALAYALAM | GST ON SALE OF USED MOTOR VEHICLE | പഴയ മോട്ടോർ വാഹനം വിൽക്കുമ്പോൾ ടാക്‌സ് ഉണ്ടോ?? 

Abdulla sir, IN CASE OF NEGATIVE MARGIN , NO GST.

4,00,000 x18%=72,000/-

Thank you Madhu sir...

Thank you pradeep sir...

Hi Thomas sir...I think... for a better advice kindly contact a CA. But in my opinion, It may be, When you are purchasing raw materials from farmers..there is No gst. You will get a non-GST bill. Reason :Only canned or branded, processed Agricultural products have GST. while directly purchased from the farmer is that bulky in nature so, No GST for that. SO YOU HAVE NO ELIGIBLE INPUT. On the other side, After the manufacturing of products, WHEN YOU ARE SELLING THE PRODUCTS, IT IS TAXABLE PRODUCT. SO you need to issue Taxable bill & need to file monthly return and to pay the OUTPUT TAX... Sir..it is my view. Once again confirm with your AUDITOR. ..Thanks....

Hi Bindhu, sold on profit or loss ?

SIR, PLZ ANSWER

SPECIAL VALUATION FOR DEALERS IN USED VEHICLES : Rule 32(5) of CGST Rules 2017 provides special valuation in case of persons dealing in buying and selling of used vehicles. Such dealers can supply the goods as such or after minor processing which does not change the nature of such goods. If no input tax credit has been availed on the purchase of such goods, then GST may be paid only on the differential amount between the selling price and the purchase price. If the difference is negative, it is to be ignored for the purpose of valuation of such supply. Note: Where the value if negative in such valuations, the same need not be considered as exempt/ non-GST supply, and therefore, therefore there is no need of reversal of ITC under Rule 42 or Rule 43 of CGST Rules 2017. Few illustrations to understand the changes --------------------------------------------------------------------------------- Mr. R (car dealer) is into the buying and selling of old and used cars situated in Karnataka. He purchased a petrol car which is having engine capacity of 1498cc and 3998mm for a price of Rs.4,00,000 from an unregistered person who is also located in the same state. After minor changes/additions to the car, Pradeep sold the car for Rs.6, 00,000. Sale value 6,00,000 Purchase value 4,00,000 Margin 2,00,000 X18%(9% CGST+9% SGST)

Thanq u sir

@@SUNILSSMARTFINANCEMANAGER sir input tax claim cheyyatha case il vandide normal tax rate thanneyalle sale cheyyumbozhum varunne??

Hi SK Creations...I think, vehicle sold after 25-01-2018. Then in video, i told about 4 categories of vehicle, pls. check , which type of vehicle , you sold ? Rate is there...ok

@@SUNILSSMARTFINANCEMANAGER sir athu input claim cheyyatha casil alle.namall already input adutha casil new vehicle nte rate ano adukendathu.sir anganeyanu paranjathu annu thonunnu classil

Hi Orbit...Yes...You can claim input for the expense which is incurred for your furtherance of business.

Yes..

@@SUNILSSMARTFINANCEMANAGER what rate?

GST is not applicable to the sale of land because it is neither treated as supply of goods nor the supply of services as per Schedule III of the CGST Act, 2017. The land is identified as immovable property, and so, it does not attract GST. But in the case of developed land (plot), there is GST.