GST liability on sale of used car
This query is : Resolved
07 September 2023
Dear Friends,
I shall be grateful if you can share your opinion on the GST liability of a A Pvt Ltd company which sold a used car recently. The facts are.
Car was originally purchased in 2015 for Rs 35 lacs app,
Sold in Aug 2023
Consideration Appx Rs 4.75 lacs
WDV of the car on 31/03/2022 as per last audited B/S
As per companies Act, Rs 3.50 lacs
As per IT Act Rs 12 lacs
profit/loss on sale- As per companies Act- Profit 1.25 lacs
As per IT Act- Loss Rs 8.50 lacs
The quries:
1. Whether the company is liable to pay GST on profit/loss on sale and at what rate.
2. The profit or loss on sale of car and GST liability is determined in this case as per Companies Act or Income tax Act.
3. Is there any GST rule or court ruling on the basis f which the GST liability is to be determined
Thanks
PC Joshi
I shall be grateful if you can share your opinion on the GST liability of a A Pvt Ltd company which sold a used car recently. The facts are.
Car was originally purchased in 2015 for Rs 35 lacs app,
Sold in Aug 2023
Consideration Appx Rs 4.75 lacs
WDV of the car on 31/03/2022 as per last audited B/S
As per companies Act, Rs 3.50 lacs
As per IT Act Rs 12 lacs
profit/loss on sale- As per companies Act- Profit 1.25 lacs
As per IT Act- Loss Rs 8.50 lacs
The quries:
1. Whether the company is liable to pay GST on profit/loss on sale and at what rate.
2. The profit or loss on sale of car and GST liability is determined in this case as per Companies Act or Income tax Act.
3. Is there any GST rule or court ruling on the basis f which the GST liability is to be determined
Thanks
PC Joshi
07 September 2023
1 18% GST on profit on sale.
2 As per companies Act.
3 GST rules applicable.
2 As per companies Act.
3 GST rules applicable.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- House Property Reporting in ITR
- Internship/Academic shown in Salary Pay Slip of a Doctor
- TDS Claim year
- Liable to deduct tds and 44ADA
- Refund of 20%pre-deposit paid for stay application
- Rent lease agreement
- TDS Challan Code
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- SGST balance is there in credit ledger how to adjust for cgst
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
