The 'GST' on sale of used cars by a registered person is:
A. Exempt
B. Taxable at 18% on margin (if no ITC taken) or on value
C. Nil
D. 5% on margin
Answer: Option B
Solution (By JKSSB Mock Tests)
GST on sale of used vehicles by registered persons is 18% on margin (difference between purchase and selling price) if no ITC taken; otherwise on value.
The 'GST on Crypto transactions' (transfer of VDA) is:
A.Exempt
B.18% on services, and classification of VDA as goods/services being debated; treated as goods, 18% GST on margin? Presently GST is levied at 18% on the value of supply.
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