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 be .....

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..... en 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 depreci .....

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..... ation upto date of sale. Please clarify. - Reply By PAWAN KUMAR - The Reply = As per my view, income tax act specify time limit of six months for claiming depreciation. Therefore in your case six m .....

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..... onths have passed, you may select full rate of depreciation fifty percent extent. - GST on Used Cars - Query Started By: - Ethirajan Parthasarathy Dated:- 24-2-2020 Goods and Services Tax - GST - Go .....

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..... t 1 Reply - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - .....

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..... TMITax .....

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