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GST on Used Cars, Goods and Services Tax - GST

Issue Id: - 116053
Dated: 24-2-2020
By:- Ethirajan Parthasarathy
GST on Used Cars

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A company sells a used car in Jan 2020 after claiming depreciation u/s 32 of Income Tax Act 1961. They have to pay GST on surplus over WDV realized by such sale. In IT records, depreciation has been claimed upto 31/03/2019. Should they calculate proportionate depreciation upto 31/12/2019 for arriving at surplus ??

There is no provision under Income Tax Act for proportionate claim of depreciation upto date of sale. Please clarify.

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1 Dated: 25-2-2020
By:- PAWAN KUMAR

As per my view, income tax act specify time limit of six months for claiming depreciation. Therefore in your case six months have passed, you may select full rate of depreciation fifty percent extent.


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