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#Post#: 290--------------------------------------------------
Sales of Co Car to Staff
By: AngelGST Date: October 10, 2017, 4:35 am
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We plan to sell our damaged Company Car to an ex-staff for RM5K
When we purchase the Car, we did not claim the Input Tax
(blocked)
Now when we sell the Car, I was told by a GST Consultant
1. There is no requirement to determine market value
2. No need to issue Tax Invoice & account for GST Output
3. Issue Invoice & use Tax Code OP
Is this correct?
#Post#: 295--------------------------------------------------
Re: Sales of Co Car to Staff
By: tee0803 Date: October 14, 2017, 1:46 am
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Hi Angel, thanks for share your query. My company faced the same
situation.
I was been told two different solution as following.
First Solution:-
1. No need issue Tax invoice and accounted for GST output as we
didn't claim input tax (BL) while purchase car.
2. Therefore issue invoice and use Tax code OS
Second Solution (my company solution but yet to confirm):-
1. Issue Tax Invoice and accounted for GST output
2. A difference GST value between sales value & market value
need to accounted & use Tax code DS
#Post#: 297--------------------------------------------------
Re: Sales of Co Car to Staff
By: NSelvam Date: October 18, 2017, 11:41 pm
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I met a GST Consultant at a recent event & he shared his
experience with his Client
3 year old Notebook was sold to the Marketing Manager who was
leaving the company for RM100
They issued a Tax Invoice & charged GST based on RM100.00 (Tax
Code SR)
They called their Computer Vendor who told them the Notebook
could be sold for RM500
Then they issued an Internal Document & accounted for additional
GST based on the difference -
RM400. (Tax Code DS)
As per this GST Consultant
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When in doubt, don't claim GST for your Purchase
When in doubt, charge GST for your Supply
Sound piece of advice
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