GST on Sale of Company Car

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1244 Points Posted on 20 April 2022
Dear Friends,

Is GST applicable on Sale of car registered under company's name?

If yes, is GST applicable on Profit/Loss amount or on the entire Sale Value of the car?

Also,
If Car is under Net Block of Assets, will GST still be applicable on Sale of car?

Please help 🙏

Thanks
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On 20 April 2022 at 15:54 Report
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Quick Summary
This discussion clarifies the applicability of GST on the sale of company-registered cars. It addresses whether GST is charged on the profit or loss, or the entire sale value. Furthermore, it explores the implications for cars held under Net Block of Assets, confirming that GST is typically applicable on the value exceeding the Written Down Value (WDV) as per income tax regulations.

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Owner at Self Employed
427 Points Posted on 20 April 2022
Yes, gst to be charged on value in excess of wdv as per income tax act
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On 20 April 2022 at 23:00
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Profession
28271 Points Posted on 21 April 2022
Ģst to be charged on value in excess of wdv
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On 21 April 2022 at 09:58

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