Calculating GST on Company Car Sale: Tax Based on Sale Price Minus Depreciated Value Per Income Tax Act Section 32.

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....Quantification of GST - calculation of tax on new car purchase by the company is sold after using it for business purpose - The Value for intended supply shall be the difference between the consideration received for supply of said car and the depreciated value of the said car on the date of supply. Depreciation is as per Section 32 Income Tax Act - GST rate leviable is 18% - AAR....