GST on Used Cars

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... GST on Used Cars
Query (Issue) Started By: - Ethirajan Parthasarathy Dated:- 24-2-2020 Last Reply Date:- 25-2-2020 Goods and Services Tax - GST
Got 1 Reply
GST
A company sells a used car .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... 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. Sho .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... uld 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 c .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... larify. 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 months have passed, you may select full .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... rate of depreciation fifty percent extent.
Discussion Forum - Knowledge Sharing .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X