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Treatment of sale of used car in gst annual return

Pardeep Garg (CA-Final Student) (796 Points)

04 September 2021  
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?

 5 Replies

Rajkumar Patel (602 Points)
Replied 04 September 2021

For GST purpose you have only disclose Taxable value in GSTR-9

Sourav (Student) (23860 Points)
Replied 05 September 2021

Show only taxable value

CA Altamush Zafar (GST Consultant) (10960 Points)
Replied 05 September 2021

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

Heet Shah (Tax Consultant) (4378 Points)
Replied 12 September 2021

You need to refer to wdv of the asset rather than sale price and depreciation. 

Heet Shah (Tax Consultant) (4378 Points)
Replied 12 September 2021

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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