RAJU BEDI asked 6 years ago
REGARDING SALES OF OLD CAR (FIXED ASSETS )
DEAR MA’AM, REGARDING SALES OF OLD CAR (FIXED ASSETS )
IF ANY REGISTERED PERSON SALE HIS OLD CAR ( FIXED ASSET, NOT DEALS IN CARS) TO SECOND REGISTER PERSON ( AND AGAIN THAT ALSO BUY IT AS FIXED ASSET NOT FOR RESALE ) THEN THE GST APPLICABLE ON SALE AND INPUT AVAILABLE OR NOT.
AND WHAT WILL THE VALUE OF THIS OLD CAR ? ACTUAL SALE PRICE OR CLOSING BALANCE AMOUNT AFTER DEPRECIATION IN BALANCE SHEET / BOOKS.
AND THE WHAT THE DIFFERENCES IF THAT PURCHASE BEFORE AND AFTER GST PERIOD IN THIS TRANSACTION.
AND PLEASE GUIDE ALSO IN COMMERCIAL VEHICLE CASE FOR THE SAME SITUATION.
CA Ishant Bansal answered 6 years ago
u can do CALCULATE GST at margin price for motor vehicle sale,if u didn’t claim itc on that, else go for GST RATE 18% , 12%{ONLY ON SMALL CARS SALE ),……CONSIDERATION VALUE WILL BE TREATED FOR GST, AND ALSO IF IT IS NEGATIVE MEANS IF THERE IS NO MARGIN ,THAN ITS EXEMPTED………. U CAN ALSO SOLICIT SECOND OPINION IF ANY
