GST Tax invoice fixed assets

Dear Sir,

 

We have a fixed assets (car) four wheeler in books of accounts. Every year we have claimed deperication on above. Now we wants to sale of car customer need gst sale invoice so please suggest how we can  raise gst sale invoice because its under  group fixed assets not stock item we are using busy software.

Replies (7)
Quick Summary
This discussion addresses how to issue a GST sales invoice when selling a fixed asset, specifically a car, which is capitalised in the books. The advice clarifies that selling such an asset for consideration constitutes a supply under GST law, requiring a GST tax invoice. While the specific software configuration for Busy is not covered, the core principles of GST applicability on capital goods sales are explained, referencing relevant sections of the CGST Act and specific notifications.

Before answering you query, please reply following questions 

1) Are you registered under GST ?. 

2) Have you taken input tax credit, when purchased the Car ? 

3) what is the status?. means Sole proprietorship, partnership Firm, LLP , Company, or any other status. 

Registered in GST

ITC not claimed because it was blocked ITC

Sole proprietorship

1 )Ok , so as per section 2(19) of the CGST Act 2017 , when gst  registered  person Capitalise  Car in the books accounts same will be treated as Capital Goods  therefore please refer section. 

2) when registered person under Gst, sold goods  in your case car , for consideration in the course of furtherance business same will treated as supply as per section 7 of the CGST Act , and GST applicable, therefore you have to issue GST tax invoice as per section 31 of the CGST Act , and format has been given in rural 46 of the CGST rule 2017, for sale of car ( Capital Goods) 

3) you must refer notification 8/2018 dated 25/1/2018 in  detail , when sale of old vechile car for GST rate , amount, and if not claim  input tax credit etc . 

Take more opinion on this. 

 

 

Further , I would like to inform you that , check any changes in rates w.e.f 22/9/2025  mentioned in the above notification  (8/2018) , as rates has been rationalize in so many cases  , If not then same rate will applicable. 

Take help of your CA  with above information and if require more Opinion on the query. Correct me if I wrong. 

Okay

 

But Can you suggest how i will raise invoice because its not showing under stock item.

Its under ledger group fixed assets.

In busy software

I am sorry  to say ,I do not have any knowledge of configurations in BUSY  software , having knowledge only in Tally ERP / Tally Prime .

 

 

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