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All QuestionsCategory: GST CompliancesREGARDING SALES OF OLD CAR (FIXED ASSETS )
Profile photo of RAJU BEDIRAJU BEDI asked 3 weeks ago

REGARDING SALES OF OLD CAR (FIXED ASSETS )

DEAR MA’AM, 
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. 

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1 Answers
Profile photo of Ishant BansalCA Ishant Bansal answered 2 weeks 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