GST liability on sale of used car of Company

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A private limited company, not registered for GST due to low turnover, sold a used car for £2.50 lacs. The car was purchased in 2012 for £7.50 lacs. Based on the company's accounts, the profit on sale is £2.13 lacs, while under Income Tax rules, the profit is £1.24 lacs. The core question is whether GST is payable on this sale, especially since the company lacks GST registration.

NK1976

NK1976 (Querist)

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