Toyota Innova Car purchased by Babu Lal for ₹17.50 lakh on 01.01.2019 with the financial assistance taken by way of a term loan from Bank of Baroda was repossessed on 01.01.2020 by the bank for the reason of default made
CS Executive · Tax Laws · PYQS · December 2020
Toyota Innova Car purchased by Babu Lal for ₹17.50 lakh on 01.01.2019 with the financial assistance taken by way of a term loan from Bank of Baroda was repossessed on 01.01.2020 by the bank for the reason of default made by Babu Lal in making payment of outstanding amount of loan against the car of ₹14 lakh. The repossessed car was sold by the bank on 11.01.2020 for ₹13,75,000. The bank is liable to make payment of tax under GST for the sale of such repossessed car on the value of __________.
Answer & Explanation:
Correct Answer: Option (A)
Official answer key: (A). Official source note: The Car was repossessed by the bank and was sold for ₹ 13,75,000 and accordingly GST is to be charged on the sale value.
Topics: GST
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