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Sale of car.
Our company Managing Director leaving the company and car alloted to him is purchasing by him. Company raising an Invoice on him. In that case how the GST can claim.
Replies (3)
GST NOT AVAILABLE ON CAR AS PER SEC 17(5)
Sir/Madam,
I think GST is chargeable @ 18% on profit amount (sale consideration-car value after depreciation).And GST input credit is not available to purchaser. I am not the expert. Please checkup once again
I think GST is chargeable @ 18% on profit amount (sale consideration-car value after depreciation).And GST input credit is not available to purchaser. I am not the expert. Please checkup once again
Yes as per notification no 8/2018 CT(R) dated 25-01-2018 Margin scheme is available when car is sold to the Managing Director .Further If the Managing Director is an employee, then the company has to pay GST on the value determined as per rule 27.Hence it is advised to collect the value of WDV of the car(as per Income Tax Act, 1961) from the Managing Director as consideration to avoid paying any GST.
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