We have to sell our Motor car which is fixed assets in our company purchased before 1st July,2017.
Under Notification No. 08/2018 CT (Rate) mentioned rate of GST with conditions.
Our vehicle is diesel driven motor vehicle of engine capacity of below 1500cc and of length of 4000mm.
Whether the above condition is applicable to GST rate as well as GST compensation Cess.
If yes we have to sell the vehicle without charging of GST rate as well as GST Compensation Cess.
Clarification on GST: 12% on 65% value for diesel cars under 1500cc, no compensation cess per Notification No. 08/2018 CT (Rate). A company intends to sell a diesel motor car, a fixed asset purchased before July 1, 2017, with an engine capacity below 1500cc and a length of 4000mm. The query seeks clarification on the applicable GST rate and compensation cess under Notification No. 08/2018 CT (Rate). The response indicates that a 12% GST should be applied on 65% of the car's value, with no compensation cess required. (AI Summary)
TaxTMI 
TaxTMI 
TaxTMI 
