EVEN as the social media is abuzz with memes and outrage over GST on sale of used cars, government sources said unlike the popular perception, GST would not be levied if the margin of sale is negative.
The government had earlier clarified that no GST would be levied if the transaction is between two unregistered persons. It has also been clarified that no new tax has been levied, and that the rate has been increased from 12% to 18% on some passenger vehicles.
As per the sources, GST is payable only on the value representing the margin of the seller -- the difference between sale amount and the depreciated value of a passenger vehicle.
Denne historien er fra December 25, 2024-utgaven av The New Indian Express Bengaluru.
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Denne historien er fra December 25, 2024-utgaven av The New Indian Express Bengaluru.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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