Priya (Self employed) (3 Points)
19 July 2017What is the GST applicability on sale of Company car to employee at the Wrtitten Down value ?
Employee is using the car provided by Company for last 2 years. The cost of car is deducted from employee salary.
The car is depreciated in the books of the company and the employee has to buy back the car if he leaves the job within 3 years.
What is the GST applicability in such case since the employee is buying the car for personal use only. The company main business is financial services.
NEKITA SAREEN
(24 Points)
Replied 20 July 2017
Jasmine Priya
(4 Points)
Replied 31 August 2017
Hi,
I have availed a car loan through my company. I have paid the initial downpayment and EMI is deducted from my salary. Tenure of the loan is 5 years and I have completed 24 months of EMI. MAintenance and Insurance costs are bourne by me. Now that, since I'm moving out, i requested for foreclosure. The forecloure amount for 5.8 Lakhs. But my company is asking me to pay 43% GST on the remaining prinicipal amount and the Downpayment of 6 Lakhs i have paid, which is approximately 11 Lakhs?
Caould you please let me know, if this is correct?
Priya
(Self employed)
(3 Points)
Replied 31 August 2017
my company has applied 28% GST + 15% Cess on WDV since as per them - GST is applicable
There is no clarity and GST council is not replying as well.
Dilip Gupta
(DGM- F&A)
(22 Points)
Replied 06 October 2017
Hi,
Any specific provision for not charging the GST on above transaction.
Ashok
(Student)
(26 Points)
Replied 31 October 2017
If the vehicle is a new one .....Than the total value of vehicle was included by the tax like GST, or any other privious tax provissions than you don't have to pay the tax or GST for the balance amount and ......one thing Taxes will not be collected on the partwise of any amount.
Amit Bhandari
(Service)
(2 Points)
Replied 03 July 2018
At What value GST is to be levied on sale of car by employer to employee.
Employer buy car for rs. 10 lac on 01.07.2013 and provide it to Employee. Employee used it and as per company policy, Car is provided to Emplyee For Rs. 5000 After 5 years (i.e. on 30.06.2018)
So pls. suggest, on what amount GST is to be charged.
CAclubindia
