sale of used car
sale value= 5lacs
depricated value = 3lacs
taxable value for gst = 5-3= 2 lacs
sale recorded in books = 5 lacs
how to record depreciated value of 3lacs for gst annual audit?
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Treatment of sale of used car in gst annual return
Replies (5)
For GST purpose you have only disclose Taxable value in GSTR-9
Show only taxable value
Only taxable value of Rs. 3 Lakhs will be shown in GST returns.
Differences in turnover amounts between books and GST returns will be dealt in GSTR-9C
You need to refer to wdv of the asset rather than sale price and depreciation.
Incase depreciated value is wdv i.e.3lakh then 2lakh happens to be taxable value on which would be considered gst inclusive
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