15 November 2021
Sir ours is a private limited co. Purchased second hand car on 30.06.2020 for Rs.34,26,000/-and availed depreciation @15%.Input Tax Not claimed as the car is used by our director.In this month we sold the vehicle to an unregistered person(B2C sale) for Rs.32,58,500/- Vehicle value in our Books as under: Vehilcle purchase value Rs.3426000/ Less: dep @15% 513900
Please inform me the gst applicable rate on which amount
22 December 2021
GSt is not applicable on sale of car either under section 7(1) or under Schedule I. Since it is not in the course or furtherance of business it will not constitute supply under section 7(1) and since it was sold for consideration and ITC was not availed on it Schedule I also does not apply.
CAclubindia
