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Showing posts from May, 2019

The New GST Rules On Sale Of Old Motor Vehicles

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When GST came into place some years back, the sale of old and used motor vehicles got a significant hit because they were taxed at the same rate as new motor vehicles. It was capped at 28% GST plus Cess (as applicable). At the start of 2018, the government issued a new notification. Dates 25-1-8, the notification gave major relief to sellers of used/old cars.
Depending upon the category, the GST now applicable ranges from 18% to 12%, which has made buying used vehicle affordable. Furthermore, another notification was issued under the Compensation Cess (Rate) that stated all sales of old and used vehicles would be exempt from Cess.
The only question left to answer was the valuation of the vehicle. In simpler words, at what value will GST be applied. The. Notification No. 8/2018 by Central Tax (Rate) provides detailed information about the same. In most instances, the value of supply is equivalent to the margin of supply, and on this amount, GST is applicable.  Two cases define the margin…

Facts Of Chasing Classic Cars By Wayne Carini

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Chasing classic cars is a popular car program hosted by Wayne Carini, a classic car lover. He travels around the world to hunt popular classic vehicles from all eras. Carini is capable of restoring and renovating classic from all over the world. He takes part in auction sale for selling some of his classic collections. He has his collection of classic cars.
Some of the facts of chasing classic cars by Wayne Carini
Ferrari 250 WB- Life Long Chase
Wayne Carini chased has several cars in his lifetime. The Ferrari 250 WB classic car was the one that he chased all his lifetime. It is not possible to own this classic car as it is costly.
Personal Collection
Carini restores many classic cars and sells it, other car lovers. But Carini owns its collection of classic cars. Carini’s personal collection of classic cars contains nearly 25 popular classic cars. Some of the cars in his collection include 1952 Muntz Jet, 1964 Shelby Cobra, 1936 Ford Pickup and lot more.
Dream Car Chase-36 years
Wayne Carin…