GST on Sale of used Car

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Ayushi Jain (Querist)
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23 September 2019 On sale of used car, GST is to be calculated on the margin (Consideration received - WDV), now the WDV should be as per the Companies Act or Income tax act. Please clarify.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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23 September 2019 WDV as per books of accounts.

Ayushi Jain

Ayushi Jain (Querist)
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23 September 2019 Which means as per the companies Act. But the notification no.8/2018, mentions registered person who has claimed depreciation under Sec.32 of the Income tax Act on the said goods, the value that represents the margin of the supplies shall be the difference between the consideration received for supply of such goods and the depreciated value of such goods on the date of supply, and where the margin of such supply is negative, it shall be ignored.

please clarify

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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23 September 2019 Agreed with the above reply.

Ayushi Jain

Ayushi Jain (Querist)
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23 September 2019 Agreed with above reply means, whether WDV as per companies Act or Income Tax Act.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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23 September 2019 Income tax Act............

Ayushi Jain

Ayushi Jain (Querist)
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23 September 2019 We are a private limited company Sir