TaxTMI 
TaxTMI 
Rule 32(5)-second hand vehicle sale
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....ule 32(5)-second hand vehicle sale <br> Query (Issue) Started By: - Sarjeet Shekhawat Dated:- 14-3-2026 Goods and Services Tax - GST <br> Got 4 Replies <br> GST<br> <br> (5) Where a taxable supply is provided by a person dealing in buying and selling of second hand goods i.e., used goods as such or after such minor processing which does not change the nature of the goods and where no input tax cre....
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....dit has been availed on the purchase of such goods, the value of supply shall be the difference between the selling price and the purchase price and where the value of such supply is negative, it shall be ignored: Provided that the purchase value of goods repossessed from a defaulting borrower, who is not registered, for the purpose of recovery of a loan or debt shall be deemed to be the purchase ....
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....price of such goods by the defaulting borrower reduced by five percentage points for every quarter or part thereof, between the date of purchase and the date of disposal by the person making such repossession. How to calculate purchases price in the case of defaulting borrower not registered under GST ?? --Reply By: Shilpi Jain The Reply: The vehicle would be possessed at the book value of the ....
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....loan? What would be the scenario in case the loan in much lesser than the value of the vehicle possessed? Balance recovered on sale of vehicle will be paid to the owner? These aspects can guide on valuing the vehicle - should be linked to the outstanding loan plus or minus adjustment as indicated above --Reply By: Raam Srinivasan Swaminathan Kalpathi The Reply: Dear Querist In such cases, plea....
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....se take the original price of the car and reduce 5% per quarter as diminution in the value of the car. The number so arrived at is deemed to be the value of the car for purposes of the acquisition value. --Reply By: Raam Srinivasan Swaminathan Kalpathi The Reply: Please check if the original buyer has availed ITC on the purchase of the vehicle. If the answer is in the affirmative, please take t....
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....he purchase price net of GST, else the gross amount. I do not foresee any other way. --Reply By: Sarjeet Shekhawat The Reply: How to calculate purchases price in the case of defaulting borrower registered under GST ?? My last question wrongly typed <br>***<br> Discussion Forum - Knowledge Sharing....