CAR SALE AND INVOICE TO BE RAISED

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Registered taxpayer has sold car on loss/profit as per WDV method of Income Tax Act, Which document, he should issue-Bill of Supply or Tax Invoice. If Bill of supply/Tax invoice is issued, whether to be reported in GSTR-1

AI Summary

Taxpayer Must Issue Tax Invoice for Car Sale; GST Not Payable on Losses Per Income Tax Act WDV Method A registered taxpayer inquired about the correct document to issue when selling a car at a loss or profit according to the Written Down Value (WDV) method under the Income Tax Act. The question focused on whether a Bill of Supply or a Tax Invoice should be issued and if it should be reported in GSTR-1. The response clarified that since the transaction is not an exempt supply, a Tax Invoice should be issued, and GST is not payable if there is a loss.