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Do we need to collect gst on it?
If I made a sale of motor car or bike..and I am sole proprietor do I need to collect gst as it is not in the course of furtherance of business??
Replies (1)
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Personal Vehicle: If the car or bike was for personal use and not part of your business accounts, no GST is applicable.
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Business Vehicle: If it was maintained as a business asset, GST must be collected on the profit margin (Sale Price $-$ Depreciated Value) as per Notification No. 8/2018.
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