GST IMPLICATION ON USED CAR
I purchased a car under a scheme given by a bank to their employees in which the possession is with the employees and the asset Registered under bank name.
The asset gets transferred to employee’s name only on completion of paying the installments.
Bank avails dep of these cars.
I paid 40 installments while in the employement with bank.
I bought this car during vat regime.
Now I want the ownership of the car and ready to pay remaining installments.
Bank is ready to sell it at WDV.
This sale transaction is an inter state sale.
Now bank is asking me to pay tax i.e. GST
They charged GST@18,85%
IS GST APPLICABLE ?Answer the question