Sale of fixed asset in GST
This query is : Resolved
binu sukumaran
(Querist)
12 June 2024
sir,
my friend running service business . He has car , that is purchased through company account . During 23-24 he is sold this car and purchase new car. He got value of consideration of car is lower than written down value of car.
Let's me know what is the impact in GST in this case. one more doubt if profit get in this transaction , what is the impact in GST.
please advise
my friend running service business . He has car , that is purchased through company account . During 23-24 he is sold this car and purchase new car. He got value of consideration of car is lower than written down value of car.
Let's me know what is the impact in GST in this case. one more doubt if profit get in this transaction , what is the impact in GST.
please advise
CA R SEETHARAMAN
(Expert)
12 June 2024
No GST applicable in case of car sold less than written down value.
18% GST applicable on profit earned.
18% GST applicable on profit earned.
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