I shall be grateful if you can share your opinion on the following facts:
Our's is a Pvt Ltd Company and we purchased a car for business travel purpose on 01.01.2018 for Rs. 8,46,500/- including GST, we did not claim any ITC on it.
We sold the vehicle for Rs. 4,80,000 on 04.11.2023, as per the last audited financials the WDV as on 31.03.2023 is Rs. 1,20,177/- and WDV as on 04.11.2023 is Rs. 97,761/-.
My questions are as following:
1. Do we need prepare an invoice on the sale value of car or on the profit of the car, what shall be the GST on it? 2. The profit or loss on sale of car and GST liability is determined in this case as per Companies Act or Income tax Act.
Request to kindly provide your valuable inputs to us.
CAclubindia
