Resale depreciated motor car for less than income tax wdv

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Kunjan (Querist)
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13 March 2023 in books, wdv as per inc tax is 1 lac, sale proceeds is 90k. so i got to pay gst on 10k ?
(dealer is small proprietor dealing in cloth)

my view --> yes. negative margin of supply has to be paid on gst rate on bk value / wdv as per inc tax

CA Altamush Zafar

CA Altamush Zafar (Expert)
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13 March 2023 No GST to be paid. If sale proceeds would have been 110000 then GST would have been paid on Rs 10000 profit.
Since you are selling at a loss no GST is payable. Totally exempt

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