Does Sale of Fixed Asset - Motor Car, attracts GST ?
This query is : Open
Quick Summary
22 January 2021
Dear Sir / Madam,
There is a fixed asset - motor car which is to be sold at a price more than the book value which will lead to profit on sale of car. Also the Assessee, is not in the business of buying & selling of Car.
Whether GST is applicable at the time of sale ?
If yes, then at what value - sale price or profit ?
There is a fixed asset - motor car which is to be sold at a price more than the book value which will lead to profit on sale of car. Also the Assessee, is not in the business of buying & selling of Car.
Whether GST is applicable at the time of sale ?
If yes, then at what value - sale price or profit ?
Gokul Sharma
(Expert)
22 January 2021
IF YOU HAVE NOT TAKEN INPUT OF GST THEN GST SHOULD BE PAID ON MARGIN /PROFIT.
Lekhraj sood
(Expert)
22 January 2021
It the motor car was used for the business then GST is payable.
CA Rashmi Gandhi
(Expert)
22 January 2021
GST is to charged on sale of Used Car or Motor Vehicles.
Tax is to be paid on margin of supply i.e. Sale Price - Purchase Price.
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