Margin-based GST exemption on specified used motor vehicle supplies limits taxable amount to rate applied on supplier margin. Exempts part of State GST on intra state supplies of specified old and used motor vehicles by excluding tax in excess of the amount calculated at the specified rate on the supplier's margin. Vehicle categories are described by tariff headings and physical specifications. Margin is calculated as consideration less depreciated value where depreciation was claimed, or as selling price less purchase price otherwise, with negative margins ignored. Exemption does not apply if input tax credit, CENVAT or VAT credit, or other tax credits have been availed on the goods.
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Margin-based GST exemption on specified used motor vehicle supplies limits taxable amount to rate applied on supplier margin.
Exempts part of State GST on intra state supplies of specified old and used motor vehicles by excluding tax in excess of the amount calculated at the specified rate on the supplier's margin. Vehicle categories are described by tariff headings and physical specifications. Margin is calculated as consideration less depreciated value where depreciation was claimed, or as selling price less purchase price otherwise, with negative margins ignored. Exemption does not apply if input tax credit, CENVAT or VAT credit, or other tax credits have been availed on the goods.
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