Menu
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)
-
Personal Vehicle: If the car or bike was for personal use and not part of your business accounts, no GST is applicable.
-
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.
Recent Topics :
- Bank balance in ITR-3
- INCLUDING PROFITS FROM REIT / INVIT IN SHARE TRADI
- Tempsens Instruments IPO GMP Allotment Listing dat
- Upload Type - Correction. Not showing in TDS filli
- Partnership tax audit query
- ERROR SHOWING PARTNER REMUNERATION ITR 3 TIME OF V
- Form 146 foreign remittance us citizen
- GST 16(2) notice
- Which GSTR-1 upload error do you hit most often?
- Need advice regarding accounting fees
Related Topics :
CAclubindia
