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Proprietor sale his used Car

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SURAJIT SARKAR

47 Points Posted on 13 July 2022

proprietor purchase car his firm name when gst not introduced. Now he wants to sale his car to car dealer. This car is fixed asset in his books of accounts. supose Books value 200000 and sale value 300000. My question how can I prepare invoice. GST is applicable or not. If applicable how can calculate gst and what is rate. I know ITC not claimed by me. If gst applicable I can show it gstr1 or not. kindly clarify briefly any experts .

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Quick Summary

A business owner is selling a car previously purchased under the company's name before GST was introduced. The car is a fixed asset, and the owner needs guidance on how to prepare the invoice for the sale, specifically regarding GST applicability, calculation, and rates. They also seek clarification on reporting this transaction in GSTR1, noting that Input Tax Credit (ITC) was not claimed. Reference to Notification No. 08/2018-Central Tax Rate is suggested for correct treatment.