State tax exemption on old and used vehicle supplies limits tax to the supplier's margin under prescribed reduced rates. Exempts state tax on intra state supplies of specified old and used motor vehicles by taxing only the supplier's margin, with reduced rates set by category and vehicle specifications to be determined under the Motor Vehicles Act; margin for depreciating taxpayers equals consideration less depreciated value, otherwise selling price less purchase price, negative margins ignored, and the exemption does not apply where the supplier has availed input tax credit or similar tax credits.
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 old and used vehicle supplies limits tax to the supplier's margin under prescribed reduced rates.
Exempts state tax on intra state supplies of specified old and used motor vehicles by taxing only the supplier's margin, with reduced rates set by category and vehicle specifications to be determined under the Motor Vehicles Act; margin for depreciating taxpayers equals consideration less depreciated value, otherwise selling price less purchase price, negative margins ignored, and the exemption does not apply where the supplier has availed input tax credit or similar tax credits.
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