If a company transfer a car to director it will attract gst?
if attract then company sells a car less than Book value to Director,what is the impact of GST?
Yes, it shall be a deemed supply as per schedule I and supplier has to pay an amount determined according to sec 18(6).
Sec18 (6) In case of supply of capital goods or plant and machinery on which input tax credit has been taken, the registered person shall pay an amount equal to the input tax credit taken on the said capital goods or plant and machinery reduced by such percentage points as may be prescribed or the tax on the transaction value of such capital goods or plant and machinery determined under section 15, whichever is higher.
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