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
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Quick Summary
If you've claimed GST input tax credit on a vehicle purchased for business use and now wish to sell it, you generally need to charge GST on the sale. This is because the vehicle was used for business purposes and the input tax credit was availed. Ensure you comply with the applicable tax rates and discharge your liability accordingly. Selling a vehicle instantly after purchase and claiming ITC is not permissible.
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.
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