Resale depreciated motor car for less than income tax wdv
This query is : Resolved
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
(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
(Expert)
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
Since you are selling at a loss no GST is payable. Totally exempt
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