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Sale of Car - GST payable

Others 383 views 4 replies

G Venu Prasad

78 Points Posted on 05 October 2020

Sirs,
Ours is Private Limited company,
We have purchased car on 29-05-2018.
The same car sold out on 01-09-2020.
on purchase input ITC not claimed, bcz ineligible.
so on sale output not charged and not collected.
So please advice not charging GST is correct or wrong. And in GSTR-1 in which table we have to show.

Thanks & Regards
Venu Prasad

Replies (4)

Sagar Patel

Tax and Business Consultant

11616 Points Posted on 05 October 2020

It's not correct, you have to charge GST (to be calculated in prescribed manner and at prescribed rate) and also Deposit that GST to government...
And also required to be reported in GSTR 3B and 1.

prasad Nilugal

3924 Points Posted on 05 October 2020

Please refer notification 8 / 2018 dated 25/1/2018 , if you have not claim ITC on car

G Venu Prasad

78 Points Posted on 06 October 2020

Dear sirs,

thanks for your replies, sale considerations received Rs.20.00 lacs, value after depreciation 31-03-20 Rs. 17.48 lcas, Purchase value is Rs. 30.87 lacs. margin is less, so tax payable or ignored.

Thanks & Regards

Venu Prasad