Dear sir
we are pvt ltd co .
we have sold our asset which we bought in 2017 inclusive of GST ( we have not claimed ITC ) . We have sold the asset below the purchase price . Whether do we need to pay GST on sale of asset.
Laxmi Solar
5 Replies
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 11 February 2024
What is the asset...???
accounts AGRO Team
(3 Points)
Replied 11 February 2024
THIS IS MOTOR BIKE WE HAVE BOOKED VALUE INCLUSIVE OF GST . WE HAVE SOLD THE SAME @ 1200K , WE PURCHASED IT AT 2475K IN JAN 2018 .
WHAT COULD BE EFFECT OF SALES IN BOOKS AS PER COMPANY ACT AND INCOME TAX ACT ? DO WE NEED TO PAY GST ? IF YES @ WHAT RATE AND WHETHER THE BOOK PROFIT AS PER COMPANIES ACT OR AS PER WDV .
KINDLY GUIDE
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 11 February 2024
GST not applicable for this sale of Motor Bike.
Bcoz, ITC not claimed At the time of purchase of Motor Bike.
Bcoz, ITC not claimed At the time of purchase of Motor Bike.
sabyasachi mukherjee
(27597 Points)
Replied 12 February 2024
It's sale of old asset.
It will be capital profit or loss to be transferred to capital reserve
It will be capital profit or loss to be transferred to capital reserve
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