dear all
we are selling office vehicle (car) in loss, car is used by director.
as per gst prospective it is manadtory to make invoice, if it is then what will be procedure
thanks
prasad s
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Selling of office vehicle in loss
Replies (1)
You must issue a tax invoice for the sale of the office vehicle. If you did not claim Input Tax Credit (ITC) on the vehicle's purchase, you can use the Margin Scheme; since you are selling at a loss (negative margin), no GST will be payable. If you did claim ITC on the purchase, you must pay GST on the full sale value regardless of whether the sale is at a profit or a loss.
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