sir,
good morning
We are going to sell a used car to third party, we are not in the business of buying and selling of second hand motor vehicles.
whether we can pay GST under margin of supply scheme? or we have to pay gst on total consideration received??
margin of supply = book value after deduction of depreciation as per IT act under section 32 - consideration received. if margin is negative no need to pay GST.
note: We have not availed any input tax credit on those car.
CAclubindia
