Gst liability on sales of old lorry
This query is : Resolved
05 July 2019
Dear Experts, we have purchased a lorry in April-2013 for transporting of goods for business purchase only. Also
we have not taken any ITC of Excise duty & VAT.
Now, today we want to sale this lorry while taking benefit of Notf. No. 8/2018 Central Tax (Rate) dtd. 25-01-2018.
And the depreciated value is less than the consideration. (Sales Value = 4,15,000 and Depreciated value = 3,24,000).
Should we charge any GST on this supply?
Kindly guide us.
Rakesh Sharma
we have not taken any ITC of Excise duty & VAT.
Now, today we want to sale this lorry while taking benefit of Notf. No. 8/2018 Central Tax (Rate) dtd. 25-01-2018.
And the depreciated value is less than the consideration. (Sales Value = 4,15,000 and Depreciated value = 3,24,000).
Should we charge any GST on this supply?
Kindly guide us.
Rakesh Sharma
06 July 2019
Yes charge 18% GST on 91000.
06 July 2019
Thanks for your prompt reply Sir. What we do when the depreciated value is 415000 and
the sales value is 324000?
the sales value is 324000?
06 July 2019
No GST payable..............
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