Menu
Input on vehicle sale
i purchased a vehicle and taken input in gst.but now after 1 year i want to sell the vehicle.is there any issue...?pls reply...thanks in advance
Replies (5)
If You are availed the ITC then sale the vehicle with charging GST.
If for the purpose of business then it's OK otherwise not
It's sale
A taxable person cannot take input tax credit on vehicle purchased ND sold instantly.
If the vehicle purchased for business purpose and complied with required provisions and claimed ITC, then sale the vehicle with applicable tax rate and discharge liability accordingly as per applicable provisions.
Recent Topic
- Business income source for husband and wife
- Set off of LTCL against STCG under section 536(2n)
- Audit Workflow tool
- Is CA through direct entry easy for a commerce stu
- Dividend and withholding tax - DTAA- RSU
- NRI Query: Capital Gains Tax Exemption under Secti
- Royalty payment to UK
- Calculate ITR2 tax with equity and non equity prof
- LTCG on residential property sale - Rebate?
- TDS MISMATCH AND AIS
Related Topics
CAclubindia
