GST implication on asset resale on loss
This query is : Resolved
Quick Summary
28 April 2022
A car purchase and resale to emplyee at the time of his retirement at cost below its book value as per the Balance sheet after giving effect to holding period deprectiation.
So whether GST has to be charge on the sale value on not ?
As the sale value is lower than its current book value
E.g purchase cost 50lakh
Deprecition 20lakh
Book value 30lakh
Resale value 28lakh
So whether GST has to be charge on the sale value on not ?
As the sale value is lower than its current book value
E.g purchase cost 50lakh
Deprecition 20lakh
Book value 30lakh
Resale value 28lakh
CA R SEETHARAMAN
(Expert)
28 April 2022
No GST applicable when car sold less than book value.
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