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.