Sale of used car

what is your nature of business?
If sale/purchase of old vehicles, then GST is applicable otherwise no GST is applicable.
(Also ITC on such vehicle is not allowed)

We have trading business.

GST will be applicable @ 12% on the Margin of supply.
Where margin of supply shall be the difference between the consideration received and the wdv on the date of sale.
In your case, 1,55,000-1,51,000=4,000
GST= 4,000*12%
(This is as per Notification no. 8/2018)

Car is shown as Asset in Balance Sheet.

ur value of supply would be margin value...as per 8 / 2018 notification....so it would be 4000 ruppes....now....as per notification 37 / 2017....it would be 65 % of Rate taxable......so eventually 65% of 9%...that is 5.85%........

now is the crux

u have to consider 4000 as inclusive of tax......therefore....if
4000 = (100+5.85+5.85)
4000= (111.7%)
3581=100%


therefore tax would be 3581 ka 5.85%.....that is 209 Rs. each cgst and sgst

but consider 35% exempt

therefore 3581×65%
2327

and there fore tax would be
2327 × 9%
209 cgst and sgst

eventually ur calulation falls like this

taxable value 2327
cgst 209
sgst 209
expempt 1253