Dear Experts,
We are going to sale our company car. Now GST for that is 28% + Cess 15% => Total 43% is coming
When we bought the car we paid VAT 14.5% ( Excise duty already included and not shown dealer invoice) only but when we sell it now 43% GST is coming which is very high.
Whether we can adjust Excise credit already suffered earlier from that in the current rate 43%
Kindly share your views
Thanks in advance
Venkat
Company Faces High GST on Car Sale, Can't Adjust Previous Excise Credit; Only Input Credits Pre-July 2017 Allowed A company is planning to sell its car and is concerned about the high GST rate of 43% compared to the 14.5% VAT paid at purchase, which included excise duty. The company inquires if it can adjust the excise credit against the current GST rate. An expert responds that it is not possible to adjust credits from the previous tax regime. Only input credits for raw materials, semi-finished, and finished goods as of June 30, 2017, are eligible for carryover under GST. (AI Summary)
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