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.
CAclubindia
