Gst on sales or transfer of vehicle

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

30 November 2018 Dear All,

We are transferring or selling vehicle to employee form company to employee on basis of below calculation.
Original Asset value -7,99,997/-(Purchase Value of Company) , Sale Date on 01/09/2017 sales value on sale date is Rs.5,32,435/- (after depreciation) depreciation value up to sale date is Rs.2,67,562/-, but we are transferring to employee of Rs.4,92,000/-.

which value we have consider for GST calculation sales value or transferring value

Rajesh Kumar

Rajesh Kumar (Expert)
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04 December 2018 Transfer value is the proper value in case of second hand goods. However, as transfer is being done to ex-employee; the department may object tot his value. It shall be safer to take book value for the purposes of GST payment.