Sale of Vehicle GST Implication
This query is : Open
04 June 2022
Sir/Madam
Please guide
Hatch Back Diesel Car (5seater) purchased by a GST registered Firm in 2009 Purchase Cost 3,25,000
sold to Unregistered Person for Sale Consideration 75,000. No Profit on sale of Vehicle.
What will be GST implication.
Will the Firm be required to deposit GST under reverse charge.
If Yes at what rate GST applies.
Thanks in Advance for your guidance
Please guide
Hatch Back Diesel Car (5seater) purchased by a GST registered Firm in 2009 Purchase Cost 3,25,000
sold to Unregistered Person for Sale Consideration 75,000. No Profit on sale of Vehicle.
What will be GST implication.
Will the Firm be required to deposit GST under reverse charge.
If Yes at what rate GST applies.
Thanks in Advance for your guidance
CA Altamush Zafar
(Expert)
04 June 2022
If the sale value is less than written down value as per income tax then no gst but if it's higher then gst payable on difference amount.
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