Stock transfer on shifting business
This query is : Resolved
11 November 2019
What is the process of transfering stock ( machinery ) in case of shifting of business is different state as I already taken GST registration of that state , happy if someone answer with clause or any specific notification .
Thanks
Thanks
11 November 2019
As per Sec 25(4) of CGST Act-
A person who has obtained or is required to obtain more than one registration, whether in one State or Union territory or more than one State or Union territory shall, in respect of each such registration, be treated as distinct persons for the purposes of this Act.
Now, as per Paragraph 2 of Schedule I, supply of goods or services or both between distinct person is to be treated as supply even if made without consideration.
A person who has obtained or is required to obtain more than one registration, whether in one State or Union territory or more than one State or Union territory shall, in respect of each such registration, be treated as distinct persons for the purposes of this Act.
Now, as per Paragraph 2 of Schedule I, supply of goods or services or both between distinct person is to be treated as supply even if made without consideration.
12 November 2019
MEANS SIR TAX LIABILITY ARISES ON TRANSFER OF BUSINESS ?
12 November 2019
Yes claim ITC on tax payment
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