23 September 2019
On sale of used car, GST is to be calculated on the margin (Consideration received - WDV), now the WDV should be as per the Companies Act or Income tax act. Please clarify.
23 September 2019
Which means as per the companies Act. But the notification no.8/2018, mentions registered person who has claimed depreciation under Sec.32 of the Income tax Act on the said goods, the value that represents the margin of the supplies shall be the difference between the consideration received for supply of such goods and the depreciated value of such goods on the date of supply, and where the margin of such supply is negative, it shall be ignored.
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