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Sale of fixed assets(car)

ROHIT KUMAR (prop.) (260 Points)

05 February 2020

what is the impact of GST on sale of old car as a fixed asset,which is purchased in vat period and ITC has not been availed that time.

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6 Replies

prasad Nilugal ( GST Practitioner & Accounts ) (14536 Points)
Replied 05 February 2020

Is it your personal Car ? or Car purchase Invoice is in the name of Business .

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Roshni (Studwnt) (1141 Points)
Replied 05 February 2020

No effect as credit was not taken

prasad Nilugal ( GST Practitioner & Accounts ) (14536 Points)
Replied 05 February 2020

Roshni madam

Please refer notification 8/2018 (C.T)rate dated 21/1/2018 , wherein if ITC availed in the past regime then no effect ,however above prop has not availed ITC . So if car is in the name of Business ,he has pay GST on margin value ( Sale consideration in GST regime to registered person - Depreciated value )

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