Car from employer GST

[Ashok kumar]

Hi ,

I have taken a car through my company on lease, company provided to me by taking from another financial company and at the time of separation , i have to purchase the same. what will be GST obligation.

thanks

AI Summary

GST Obligations Clarified: Leased Car Purchase Taxable in Business Context; New Vehicle Rate at 29.25% per Notifications. An individual inquired about the GST obligations for a car leased through their company, which they must purchase upon separation. A respondent clarified that the transaction is taxable as it is in the course of business. The GST rate for a new vehicle is 29.25%, as per specific notifications. Another contributor explained that if the car is a business asset with claimed depreciation, the taxable value is the difference between its depreciated value and sale value, with GST applicable on the positive difference. The discussion involved references to various GST notifications for clarification.