Vehicle Sale in GST
This query is : Resolved
Quick Summary
Abdul Rahim
(Querist)
19 March 2021
We, Proprietor concern sold a vehicle (Asset purchasesmore than 4 years before) to an unregistered party. May I know what all factors should consider as per GST?
Should I raise GST Bill and pay GST for the sale of vehicle?
please reply
Should I raise GST Bill and pay GST for the sale of vehicle?
please reply
CA R SEETHARAMAN
(Expert)
19 March 2021
18% GST applicable on sale value in excess of book value. No GST in case of sale less than book value.
Abdul Rahim
(Querist)
19 March 2021
Should we consider the block of asset for realizing profit or loss (like income tax)?
CA R SEETHARAMAN
(Expert)
19 March 2021
No, for GST consider individual asset book value.
Abdul Rahim
(Querist)
19 March 2021
Thankyou sir, Can you please clear this too https://www.caclubindia.com/experts/details.asp?mod_id=2836494
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