State tax exemption on intra state used vehicle supplies - tax confined to supplier margin; excludes supplies with input tax credit. Notification exempts State tax on intra state supplies of specified categories of old and used motor vehicles by taxing only the supplier's margin; margin is computed as sale consideration minus depreciated value for assets with income tax depreciation or as selling price minus purchase price otherwise, with negative margins ignored. The exemption is inapplicable if the supplier has availed input tax credit, CENVAT, VAT credit or comparable tax credits on those goods.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
State tax exemption on intra state used vehicle supplies - tax confined to supplier margin; excludes supplies with input tax credit.
Notification exempts State tax on intra state supplies of specified categories of old and used motor vehicles by taxing only the supplier's margin; margin is computed as sale consideration minus depreciated value for assets with income tax depreciation or as selling price minus purchase price otherwise, with negative margins ignored. The exemption is inapplicable if the supplier has availed input tax credit, CENVAT, VAT credit or comparable tax credits on those goods.
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