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No GST on sale of used car at loss
The New Indian Express Mangaluru
|December 25, 2024
As per sources, GST is payable only on the value representing the margin of the seller
EVEN as the social media is abuzz with memes and outrage over GST on sale of used cars, government sources said unlike the popular perception, GST would not be levied if the margin of sale is negative.
The government had earlier clarified that no GST would be levied if the transaction is between two unregistered persons. It has also been clarified that no new tax has been levied, and that the rate has been increased from 12% to 18% on some passenger vehicles.
As per the sources, GST is payable only on the value representing the margin of the seller -- the difference between sale amount and the depreciated value of a passenger vehicle.
This story is from the December 25, 2024 edition of The New Indian Express Mangaluru.
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