Sale of Lorry -GST implication

[VIGNESH]

Sir. Lorry used for business purpose is sold now, Seller and buyer both are registered under GST, Seller has availed ITC on the purchase of Lorry and not claimed Cess. is 1. GST to be charged on the sale Consideration? 2 .Is Compensation cess to be Charged?

AI Summary

GST and Compensation Cess Applicable on Business Lorry Sale if Not Covered by Notification 8/2018-CTR A business-related query was raised regarding the sale of a lorry used for business purposes and its Goods and Services Tax (GST) implications. Both the seller and buyer are GST-registered, and the seller had availed Input Tax Credit (ITC) on the lorry without claiming compensation cess. The main questions were whether GST and compensation cess should be charged on the sale. Responses indicated that if the vehicle isn't covered under notification 8/2018-CTR, GST and cess would apply. It was noted that compensation cess might also be applicable due to ITC being availed, referencing specific notifications and rules.