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GST ON SALE OF OLD TWO WHEELER, Goods and Services Tax - GST |
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GST ON SALE OF OLD TWO WHEELER |
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Please provide guidance on the Goods and Services Tax (GST) implications for the sale of an old two-wheeler(Bike) used in business, which is shown as a fixed asset.
Posts / Replies Showing Replies 1 to 2 of 2 Records Page: 1
Dear Sir, The captioned vehicle has been taken into account as a fixed asset. When it is resold, the transaction falls u/s 7(1) of the CGST Act. So the tax is required to be collected and discharged irrespective of whether ITC was availed or not.
GST would be liable on sale assuming you are a registered person. This would be liable on the sale value at applicable rate. Page: 1 |
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