Sir/Madam,
Our company is preparing to sell one of the used cars recorded in the books as a fixed asset.
By applying the marginal scheme, the selling price (10000) is less than the written down value (WDV) of 15,000, resulting in a negative margin (5000).
Our Doubt
For the purpose of billing, either an Tax invoice or a bill of sale is to be issued?
Procedure for filing GSTR-1 for the specified sale?
Regards,
Senthilkumar
Used Car Sale Below Book Value: Navigating GST Reporting Complexities for Asset Disposal with Minimal Taxable Impact A company seeks guidance on selling a used car recorded as a fixed asset with a selling price lower than its written down value. Multiple experts provide varying perspectives on invoicing and GST reporting. The key considerations include whether to issue a tax invoice or bill of supply, and how to report the transaction in GSTR-1, given the negative margin under the marginal scheme. Recommendations range from issuing a bill of supply to a tax invoice with zero taxable value. (AI Summary)
TaxTMI 
TaxTMI 
TaxTMI 
