Sales of old lorry
This query is : Resolved
16 March 2019
Respected Experts,
We are manufacturer & Pvt. Ltd. Company and purchased Lorry in Pre-GST regime w/o taken any ITC of VAT & Excise in 2014.
Now we want to sale the above lorry in GST Regime. Consideration is Rs. 2,30,000/- & depreciated value is 4,05,000/- after claimed
depreciation u/s 32 of the Income Tax Act. And the margin of above supply is in negative. (Company act depreciation is not considered)
Can we sale the above lorry without pay any GST while taking benefit of Notf. No. 8/2018-Central Tax (Rate) dtd. 25-01-2018.
Please advise me. Its very urgent.
Regards,
Rakesh Sharma
We are manufacturer & Pvt. Ltd. Company and purchased Lorry in Pre-GST regime w/o taken any ITC of VAT & Excise in 2014.
Now we want to sale the above lorry in GST Regime. Consideration is Rs. 2,30,000/- & depreciated value is 4,05,000/- after claimed
depreciation u/s 32 of the Income Tax Act. And the margin of above supply is in negative. (Company act depreciation is not considered)
Can we sale the above lorry without pay any GST while taking benefit of Notf. No. 8/2018-Central Tax (Rate) dtd. 25-01-2018.
Please advise me. Its very urgent.
Regards,
Rakesh Sharma
17 March 2019
Yes no GST applicable on such sale.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Treatment of Pension ?annuity returns on PMVY
- Soyabean hsn code and gst rate
- ITR filing- non tax audit cases- Asstt.Year 2026-2027
- TAN for Partnership
- Last year TDS Claim
- CA IPCC Registeration in 2012, Is my registration Active or Expired
- TDS related Query_Liquidated Damages
- What is provisional receipt number for generation of form 16A
- NON- SUBMISSION OF LLP FORM 3
- Long Term Service award taxability in hands of company
- Form 27Q Correction statement taking too long to update on IT Portal
- ITR selection for salaries and capital gain less than L
- Showing Gift from relative in ITR for this year
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
