GST liability on sale of used car of Company
This query is : Open
18 November 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 company is not registered in GST as there is no turnover in the company. The facts are as follows:
Car was originally purchased in 2012 for Rs 7.50 lacs app, Sold in Nov, 2023.
Sale Consideration amount Rs 2.50 Lacs.
WDV of the car on 31/03/2023 as per last audited balance sheet.
1) As per Companies Act,2013 : Rs 37108
2)As per Income Tax Act : Rs 1.26 lacs
Profit and loss on sale of car
1) As per companies Act- Profit-- 2.13 lacs
2) As per IT Act- Profit-- Rs 1.24 lacs
My queries are :
1)Is the company liable to pay GST on sale of car and at what rate.
(At present the company does not have GST number)
2)If there is any tax applicable in case of sale of company car please inform.
Please give valuable advice in the above matter.
Thanks & regards
N Kadam
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 company is not registered in GST as there is no turnover in the company. The facts are as follows:
Car was originally purchased in 2012 for Rs 7.50 lacs app, Sold in Nov, 2023.
Sale Consideration amount Rs 2.50 Lacs.
WDV of the car on 31/03/2023 as per last audited balance sheet.
1) As per Companies Act,2013 : Rs 37108
2)As per Income Tax Act : Rs 1.26 lacs
Profit and loss on sale of car
1) As per companies Act- Profit-- 2.13 lacs
2) As per IT Act- Profit-- Rs 1.24 lacs
My queries are :
1)Is the company liable to pay GST on sale of car and at what rate.
(At present the company does not have GST number)
2)If there is any tax applicable in case of sale of company car please inform.
Please give valuable advice in the above matter.
Thanks & regards
N Kadam
18 November 2023
In my opinion there is no GST liability as company has no GST registration.
Message likes :
1 times
18 November 2023
Since you are not Registered under GST Act, you do not require to pay any GST on the same
Message likes :
1 times
18 November 2023
Yes I agreed with above replies.
There is no GST liability for the sale of Car.
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
- STCG....................................................
- Supply through E-commerce Operators
- TAN for Partnership
- Sales return eway bill
- Relief u/s Section 89
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- STCG FOR GOLD ETFs
- SALE BILL AGAINST GOODS RETURN
- Loan by Partnership Firm
- LTCG for Assmt year 26-27
- Plot of land. Cost of Acquisition
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- 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
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
