WebAug 29, 2024 · The Fixed asset has been sold for Rs.60000 and tax charged Rs.10800. Since the tax Rs.10800 charged on the transaction value of the Fixed asset is more than the tax Rs.10200 as calculated for the unused period of the Fixed asset, therefore the higher amount of tax Rs.10800 shall be paid. Related Topic: WebGST - Concept & Status, Overview; Detailed PPT as on 01.06.2024; Short PPT; Common Asked Questions; FAQs and User Manual on new GST Registration; Services; Sectoral FAQs; Frequently Wondered Questions; Advertisements; FAQs relating to GST Migration/Registration; FAQs for Traders; FAQs on Composition Levy (Hindi) FAQs Full …
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WebMar 19, 2024 · GST applicable on sale of old fixed assets as per the prescribed rate at present . only in case of Motor car you have to apply notification 8/2024 CT ( rate) date 25/1/2024 for calculation of GST . Online GST Certification Course sabyasachi mukherjee (17882 Points) Replied 19 March 2024 WebJan 22, 2024 · There is a fixed asset - motor car which is to be sold at a price more than the book value which will lead to profit on sale of car. Also the Assessee, is not in … green bay packers transfer tickets
GST on Sale of Fixed Assets - TaxGuru
WebSep 14, 2024 · Answer – GST paid on machinery was 18% of Rs. 9,00,000 i.e., Rs. 1,62,000. The machinery was used for three quarters. Hence, it is eligible for ITC of 15% (5% per quarter or part thereof), i.e., Rs. 24,300. … WebMay 4, 2024 · Issue ID : 117138. The Sale of used car valuation is governed by the notification 8/2024,the car is in the fixed assets block and the same depreciable assets .As per the said notificatigon ,in case of depreciable assets, Margin of supply shall be difference between Sale consideration and Written down Value and tax to be calculated on such … WebAug 24, 2024 · The Fixed asset has been sold for Rs.60000/= and tax charged Rs.10800/=. Since the tax Rs.10800/= charged on transaction value of the Fixed asset is more than the tax Rs.10200/= as calculated … flower shops in mount vernon ohio