Assessee is selling the following two vehicles for a reasonable consideration
1) a lorry ( used for business) purchased in 2015
2) Car ( Personal use) Purchased in 2016
Will GST Apply
Expert :
Anonymous
Expert :
Anonymous
(Expert)
27 June 2018
There is no gst liability on sale of personal vehicle.
GST should be remitted at the applicable rate on the difference between sales consideration and WDV as per IT ACT in respect of lorry used in the business
28 June 2018
Assesse is Individual or Firm? If Firm :( Vehicle used in business) In case of supply of old motor vehicles the taxability shall be determined as follows: