2024 Hsn of old car sale

Hsn of old car sale

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August undefined, 2024

Web23 jan. 2024 · Scenario 1: Sale of old and used car on or before 12/10/2024: In terms of Rule 32 (5) of CGST Rules 2024, GST is to be paid on the Margin i.e. ₹ 2,00,000 + GST at the rate of 45% (i.e. 28% +17%) which amounts to ₹ 90,000 (Rs. 2,00,000*45%). Scenario 2: Sale of old and used car after 13/10/2024: Web10 aug. 2024 · Machinery and machinery parts falls under HSN code chapter 84 of GST commodity tariff schedule. The details about GST rate changes for sale of machinery and machinery parts are being updated here.

SALE OF OLD CAR, Goods and Services Tax - GST

WebHS Code India Second Hand Motor Car Search HSN code for Second Hand Motor Car in India Country Brazil China India Indonesia Russia South Korea USA Vietnam Chapters Chapter 01 Chapter 02 Chapter 03 Chapter 04 Chapter 05 Chapter 06 Chapter 07 Chapter 08 Chapter 09 Chapter 10 Chapter 11 Chapter 12 Chapter 13 Chapter 14 Chapter 15 … Web24 aug. 2024 · A registered person who sells his old and used fixed assets. If the registered person sells such assets on which the person has taken input tax credit then tax shall be … css black line

Used Cars For Sale In Pakistan - PakWheels

Web7112. Waste And Scrap Of Precious Metal Or Of Metal Clad With Precious Metal; Other Waste And Scrap Containing Precious Metal. 71129990. Other. 4. 8708. Parts And Accessories Of The Motor Vehicles Of Headings 8701 To 8705. 87089900. Other. WebA car is purchased by Mr. Rohit for Rs. 10 lakhs and it includes GST amount of Rs. 2 lakhs. Now if he resells it after 4 years for Rs. 5 lakh then if GST is imposed on such Rs. 5 lakh then it leads to double taxation. Therefore there is a need to defines rules for purchase and sale of second hand goods and thus Margin scheme is made available. Web28 jun. 2024 · Cars24 deals in buying and selling second-hand cars. It purchases a second-hand car (original price Rs. 4 Lakhs) for Rs. 2,50,000 from Mr Ramesh (unregistered person) and sells it again to Mr Suresh after minor repairs for Rs. 3,00,000. Suppose, repairing cost is Rs. 10,000. ear cleaning at home

HSN Code List & GST Rate Finder: Find GST Rate of All HSN codes

Web9 mei 2024 · i.e. sale price - wdv as per Income Tax Act. For eg sale price is 1.6 lakh and wdv as per Income Tax Act is 1 lakh than GST will be applicable on 60000/-. If sale price is 1.60 lakh and wdv as per Income Tax Act is 1.70 lakh than resultant margine is negative and GST will not be applicable. Pl also refer other conditions in Notification. Web29 feb. 2024 · But if the sale has taken place on 11/09/2024, is that notification applicable as it is notified subsequent to the date of sale. Would the law applicable on the date of sale( 11/09/2024) be considered to tax the consideration. The depreciated value of the old vehicle is NIL. Will it make any difference if the ITC has been taken or not in Pre ... css black overlayWeb23 apr. 2024 · Know all about Scrap sales in GST, the concept, HSN Code and GST Rates of the Scrap material among other essential points under Scrap sales in GST. ... aluminum, iron and steel etc. exists as it did in the previous regime, ... Vehicle Scrap: 18%: 7204: MS Scrap all types: 18%: 7204: Scrap US Rail: 18%: 7404: Copper Waste & Scrap: 18%: css black shadow

"WebWe are selling a old and used goods truck TATA 709 , please confirm the HSN Code and applicability of Notification no. 08/2024 on the transaction. Reply—Sale of vehicle is a taxable supply; however by virtue of Notification No. 8/2024 - CTR, value of the said supply is the value that represents margin of the supplier, which is deemed to be zero in case … " - Hsn of old car sale

Hsn of old car sale

GST ON USED COMMERCIAL VEHICLE - GST - CAclubindia

Web28 okt. 2024 · GST Rates & HSN Codes for Electrical And Electronic Products - Electric motors and generators, ... Old vs New Tax Slab Regime Calculator; Sukanya Samriddhi Yojana Calculator; IFSC Code Search; ... of a kind used for cycles or motor vehicles: 8512: 85121000, 85122010, 85122024, 85122090, 85123010, 85123090, 85124000, … Web30 nov. 2024 · – On Old and used motor vehicles which is having an engine capacity exceeding 1500 cc, popularly known as Sports Utility Vehicles (SUVs) including utility. b) GST of 12%, on (HSN 87); – All Old and used Vehicles other than those mentioned under the rate of GST 18%.

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WebDescription. No of Shipments. 7204. Ferrous Waste And Scrap; Remelting Scrap Ingots Of Iron Or Steel. 72044900. Other. 3. 8708. Parts And Accessories Of The Motor Vehicles Of Headings 8701 To 8705. Web22 nov. 2024 · New Rules for HSN Code w.e.f. 1st April 2024. W.e.f. 1st April 2024, new provisions has been notified vide CGST N/N 78/2024 dated 15th October 2024. As per these provisions, every registered person shall mention HSN code for every tax invoice issued for every supply as per following table:-. *However, for registered persons having aggregate ...

Web15 dec. 2024 · Thus the above reduced GST rates and NIL cess rate would be applicable on sale of old vehicles. However if the person is eligible to avail and has in fact availed input tax credit on car which he is now selling, normal GST rate of 28% plus 17% / 20% / 22% towards Compensation Cess, as applicable, need to be charged and paid on sale of … WebHSN Code Product Description; 8708: Parts and accessories of the motor vehicles of headings 8701 to 8705: 87089900: Other: 8711: Motorcycles (including mopeds) and …

Web2 feb. 2024 · In order to make used cars more affordable, the GST Council announced a reduction in the tax rate on Old used vehicle transactions in its meeting held on January … Web6 Digits HS Codes Products: HS Codes Products Description; 870310: HS Codes Of Vehicles specially designed for travelling on snow; golf cars and similar vehicles : 870321: HS Codes Of Of a cylinder capacity not exceeding 1,000 cc : 870322: HS Codes Of Of a cylinder capacity exceeding 1,000 cc but not exceeding 1,500 cc : 870323

Web54 rijen · HSN Code 8703: Motor cars and other motor vehicles principally designed for …

Web27 apr. 2024 · The HSN code for some of the scraps has not been notified. ... scrap and waste have not been related to the GST Laws but despite that sale of scrap is considered as ‘supply’ in course of business which is why the GST rate and HSN code are ... Vehicle Scrap : 18% : 7204 : MS Scrap of all types : 18% : 7204 : Scrap US Rail : 18% ... ear cleaning calledWeb26 jan. 2024 · GST on sale of second hand (used and old) vehicles. In GST, margin scheme has been provided in case of sale of second hand motor vehicles. In this … css black opacity over imageWebHS Code. Description. GST%. 401110. New pneumatic tyres, of rubber, of a kind used for motor cars, incl. station wagons and racing cars Products Include: Automotive Parts. 5%. 401120. New pneumatic tyres, of rubber, of a kind used for buses and lorries (excluding typres with lug, corner or similar treads) 5%. css black coloursWeb17 mei 2024 · 1.What is the HSN code. 2.What is the turnover we should show in GST Return, for eg if we bought a car at 5 Lakhs and sold it for 6 Lakhs,now we should show turnover of 6 lakh or 1 lakh (because we pay tax on margin in 2nd hand goods dealer margin scheme) 3.Now if we show turnover as 1 lakh, there will be miamatch between income … ear cleaning beeswax candlesWebHSN CODE - 87032291: MOTOR CAR WTH CYLNDR CPCTY>=1000CC BUT 1500CC WTH SPRK-IGNTN HSN CODE Description Policy 8703 MOTOR CARS AND OTHER MOTOR VEHICLES PRINCIPALLY DESIGNED FOR THE TRANSPORT OF PERSONS (OTHER THAN THOSE OF HEADING 8702), INCLUDING STATION WAGONS AND … ear cleaning chemist warehouseWebHSN Code: 8703 Products: Motor Cars And Other Motor Vehicles Principally Designed For The Transport Of Persons (Other Than Those Of Heading 8702), Including Station … ear cleaning charlotte ncWeb17 mei 2024 · 1.What is the HSN code 2.What is the turnover we should show in GST Return, for eg if we bought a car at 5 Lakhs and sold it for 6 Lakhs,now we should show … css black text