Sale of motorcar used for business

This query is : Resolved 

13 July 2020 Car sold to non gst person
On what tax to be charged sale minus dep as per it or per book? Whether to prepare tax invoice? How to show in Gstr 3b& gstr1?
If senerio sold to regular gst person what will be the position? Documantation in both case.

13 July 2020 GST Should NOT be paid.BECAUSE IT IS YOUR FIXED ASSET.
Capital Gain needs to be pay.

if it is your business to sale old vehicles then GST Applicable and to be pay on margins.




13 July 2020 Valuation of used car- If depn is claimed in IT, then sale value less WDV as per IT.
If depreciation not claimed in IT then sale vale less purchase value.
Rate of GST will be 18% and you have to raise the tax invoice irrespective of whether buyer is registered under GST or not.




You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join CCI Pro
CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries