Hi,
I own car which was previously owned by my employer, during my job change car transfered to my name and finance by leasing co and hypotheticated with them(as per arrangement with new employer), I am paying monthly rental+GST as deduction from salary(Employer direct pay), Now I want to close lease a/c, what would be GST implications, I have couple of questions Pls help me understand:
1- is GST applicable on paying of o/s amount(full closure of balance lease rental)
2. what are GST rate for such transactions
3. if I pay GST on closure of lease rental a/c, is there any provision to take benifit in Individual a/c
Pls share relevant circular if any.
Thanks in advance
Ramesh Mundra
CAclubindia
