TaxTMI 
TaxTMI 
A GST Reg Persons bought a truck for business purpose in 2019 and now he wants to sell the vehicle, if so whether the sale attracts GST or not?
GST on Sale of Business Assets
09 Aug 2022 
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GST on sale of capital goods requires payment linked to input tax credit or tax on transaction value.
Sale of a business vehicle by a GST-registered person is a taxable supply. If input tax credit was availed on the vehicle, the seller must effect the input tax credit reversal: pay the input tax credit taken reduced by prescribed percentages or the tax on the transaction value of the vehicle, whichever is higher. If no input tax credit was claimed, GST is payable on the transaction value (sale price to an unrelated buyer). (AI Summary)
Sale of a business vehicle by a GST-registered person is a taxable supply. If input tax credit was availed on the vehicle, the seller must effect the input tax credit reversal: pay the input tax credit taken reduced by prescribed percentages or the tax on the transaction value of the vehicle, whichever is higher. If no input tax credit was claimed, GST is payable on the transaction value (sale price to an unrelated buyer). (AI Summary)