Characteristic of "Business Assets"
What are tests for considering the meaning or criteria for judging a item as business asset under schedule 1 of CGST act, 2017, which states as activities to be treated as supply even if made without consideration... 1. "Permanent transfer or disposal of business asset where input tax credit hs been availed on such assets."?
Replies (1)
In my view, it will cover all assets - fixed and current assets including stock.
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