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Sale of fixed assets(car)
what is the impact of GST on sale of old car as a fixed asset,which is purchased in vat period and ITC has not been availed that time.
Replies (6)
Is it your personal Car ? or Car purchase Invoice is in the name of Business .
No effect as credit was not taken
Roshni madam
Please refer notification 8/2018 (C.T)rate dated 21/1/2018 , wherein if ITC availed in the past regime then no effect ,however above prop has not availed ITC . So if car is in the name of Business ,he has pay GST on margin value ( Sale consideration in GST regime to registered person - Depreciated value )
Okayy
As per Notification 8/2018 CT (r)
Vehicle of Vat Regime Sold in GST Regime :
GST is applicable on Profit Margin (Sale-Puchase )
Vehicle of Vat Regime Sold in GST Regime :
GST is applicable on Profit Margin (Sale-Puchase )
Thanks awesome people , you are truly helpful ......
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