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ITC on personal car used by managing director
now I want to sell what was the amount for sell it is 118 or 100
If you have not availed input tax credit on car earlier , and sold the same Car in future, then GST applicable on Margin ( Sale Value less Purchase Value or deprecated Value) , please refer notification 8/2018 CT ( Rate) dated 23/1/2018 for other details , and confirm , check any amendments in notification , if no then GST applicable as per the notification .
I hope Car was used for Business Purpose by company .
Take more Opinion on this .
GST is essentially a tax on Commercial transactions, hence mainly those supplies that are in the course of furtherance of business qualify as supply under GST , as you mentioned in the query Car purchase in the name of Company , therefore this car must be Asset side on your balance sheet , Also I request you to refer notification, mentioned in my earlier reply.
Take more Opinion .
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