GST - Tamil Nadu Goods and Services Tax Act, 2017 - Reduction in State tax on the margin of the supplier on the intra-State supplies of old and used motor vehicles

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....valluvar Aandu, 2049 NOTIFICATION In exercise of the powers conferred by sub-section (1) of section 11 of the Tamil Nadu Goods and Services Tax Act, 2017 (Tamil Nadu Act 19 of 2017), the Governor of Tamil Nadu, on being satisfied that it is necessary in the public interest so to do, on the recommendations of the Council, hereby exempts the state tax on intra-State supplies of goods, the desc....

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....item Description of Goods Rate (1) (2) (3) (4) 1. 8703 Old and used, petrol, liquefied petroleum gases (LPG) or compressed natural gas (CNG) driven motor vehicles of engine capacity of 1200 cc or more and of length of 4000 mm or more. Explanation.- For the purposes of this entry, the specification of the motor vehicle shall be determined as per the Motor Vehicles Act,....

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....from S. No. 1 to S.No.3 6% Explanation - For the purposes of this notification, - (i) in case of a registered person who has claimed depreciation under section 32 of the Income-Tax Act, 1961 (Central Act 43 of 1961) on the said goods, the value that represents the margin Of the supplier shall be the difference between the consideration received for supply of such goods and the depreciated....