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GST IMPLICATIONS ON SALE OF LORRY / FIXED ASSET

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vinodh

Final

165 Points Posted on 07 December 2023

Respected Sir/Madam

Pls clarify. I am trading in lorries.
I have purchased one lorry and claimed ITC on it. Later on used it for business purpose so I transferred from stock to fixed assets. I treated it as supply and paid GST on it. Upto this no problem sir…

Further after one Year I sold it to third party.

Without payment of GST as I have paid GST while transferring it to fixed asset.

What are the GST IMPLICATIONS IN THIS CASE SIR…. AM I LIABLE TO PAY GST ON PROFIT ON SALE OF LORRY.

Replies (2)

Quick Summary

This discussion seeks clarification on GST implications when a lorry, initially purchased and ITC claimed, is moved from trading stock to fixed assets and GST is paid on this transfer. The user then sold the lorry without further GST payment, questioning if GST is payable on the profit from this sale, especially since GST was already accounted for during the stock-to-asset transfer.

RAJA P M

"Do the Right Thing...!!!"

77792 Points Posted on 07 December 2023

....Later on used it for business purpose so I transferred from stock to fixed assets. I treated it as supply and paid GST on it. Upto this no problem sir…

Why You treat it as sale and pay GST accordingly...??

How its you account...??