GST on sale of second hand car
This query is : Resolved
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
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
15 November 2021
Since you have purchased on 30.06.2020 and have you avalied ITC , the Eligable ITc is on Sale amount
16 November 2021
calculate and pay inclusive gst on the amount of margin. @18℅
16 November 2021
calculate and pay inclusive gst on the amount of margin. @18℅
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.
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.
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