What is the GST rate on sale of used bikes?
Subin VR, Chartered Accountant,FCA, DISA (ICAI)
Answered on February 28,2023
Answered on February 28,2023
If the seller is a registered GST dealer or a dealer in second-hand goods, then GST is applicable on the margin of profit earned on the sale of the used bike. The applicable GST rate is 18% on the margin of profit.
Margin of profit is calculated as the difference between the sale price of the used bike and the purchase price of the bike by the dealer.
It's worth noting that GST rates and rules are subject to change, so it's always advisable to confirm the current rates and rules with a qualified professional or the official GST website.
Related Questions
-
Subin VR
Chartered Accountant,FCA, DISA (ICAI) . Answered on March 07,2021What are the documents required for GST registration ? Do we need to pay any fees? Is yes, how much? Within how much days we can get the GST certificate? Do we required to get help from any CA for GST Registration ?
You need copies of PAN, adhar, rent agreement, building tax challlan, bank account details for Registering with GSTN. Since ...
3 0 1982 -
MISHRA CONSULTANTS
GST Practitioners ,Income Tax Practitioners & Auditor Based Service in Coimbatore, Tamil Nadu . Answered on November 16,2022What are the documents required for GST registration ? Do we need to pay any fees? Is yes, how much? Within how much days we can get the GST certificate? Do we required to get help from any CA for GST Registration ?
You need copies of the person on whose name you are going to start the business PAN, adhar, rent ...
3 0 1296 -
Subin VR
Chartered Accountant,FCA, DISA (ICAI) . Answered on March 06,2021Is GST filing mandatory for small business either in starting of business they have very low amount of sales. And what is the meaning of turnover is it monthly or yearly?
Filing of GST is mandatory. If you fail to file it will create huge liability in the form of ...
2 0 971 -
MISHRA CONSULTANTS
GST Practitioners ,Income Tax Practitioners & Auditor Based Service in Coimbatore, Tamil Nadu . Answered on November 16,2022Is GST filing mandatory for small business either in starting of business they have very low amount of sales. And what is the meaning of turnover is it monthly or yearly?
Yes filing of GST is mandatory. As if in starting stage business is low you can file nil return ...
2 0 447 -
Subin VR
Chartered Accountant,FCA, DISA (ICAI) . Answered on March 07,2021I have taken a table space outside a shop on rent. I run a small food stall on daily basis. What legal docs requires in GST certificate? I have electricity bill with the name of owner on it. Don't have any rent agreement as it was done verbally.
You must need a rent agreement for taking GST registration.
1 0 446 -
Subin VR
Chartered Accountant,FCA, DISA (ICAI) . Answered on March 11,2021What if the GST return is not filed for 6 months?
You have to late fee for each return period, which is fixed at Rs.10,000 per month as maximum.
1 0 32 -
Subin VR
Chartered Accountant,FCA, DISA (ICAI) . Answered on March 11,2021If I register GST and I have no sales, can I cancel GST registration?
Not necessary. You can file NIL returns until you have sale. If you would like to close your business ...
1 0 223 -
Subin VR
Chartered Accountant,FCA, DISA (ICAI) . Answered on March 13,2021What if I have purchased something from someone with GST and he doesn’t pay the return? Do I have to pay all the GST to the government again?
No. If you are in business with GST registration you cant avail the input tax credit if the supplier ...
1 0 90 -
Subin VR
Chartered Accountant,FCA, DISA (ICAI) . Answered on March 13,2021What is GST? How does it work? What is the difference between the regular and the composition scheme of GST?
In regular scheme you can collect GST, take Input Tax Credit and have to make monthly payment of GST. ...
1 0 102 -
Subin VR
Chartered Accountant,FCA, DISA (ICAI) . Answered on March 08,2021Can a person without GSTIN No collect GST from customer without showing seperate GST details in the invoice for Goods which he has purchased from a registered person by paying GST?
Only a person with Regular Registration in GST can collect GST amount. Any person collecting GST without a GST ...
1 0 174 -
Subin VR
Chartered Accountant,FCA, DISA (ICAI) . Answered on March 11,2021What is the validity of a GST registration certificate?
There is no validity limit. It for the entire life time/period of your business.
1 0 36 -
Subin VR
Chartered Accountant,FCA, DISA (ICAI) . Answered on September 30,2021Received this query for GST registration - Promoters/Partners - Document Upload - Others (Please specify) - upload ownership proof of the document residence. But i think residence proof not require. What should i reply to it?
You can upload proof of ownership such as Building Tax paid challan, BSNL Bill, Electricity Bills etc which is ...
1 13 3252 -
Shyamal Modi
Tax Advocate | Financial Advisor | Virtual CFO . Answered on November 29,2021How can i get GSTIN on a residential property for e-commerce seller? i have applied but there are asking more documents like NOC from authority, society etc. What to do?
You have to provide the following as proof of principal place of business: If the property is owned by you ...
1 0 446