Home Forum Goods and Services Tax - GST Month 2 2020 2020 (2) This
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GST on Used Cars - Goods and Services Tax - GSTExtract 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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