GST ON auction sale of entire business by bank

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UNEMPLOYED
21 Points Posted on 16 February 2023
In case of auction sale of entire business by bank
18℅ gst Applicable?
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On 16 February 2023 at 15:10 Report
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Quick Summary
When a bank auctions off an entire business, 18% GST is generally applicable. However, an exemption may apply if all assets and liabilities are sold together as a complete business. If individual assets are auctioned separately, standard GST rates will apply to each item.

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na
1220 Points Posted on 17 February 2023

Yes, Applicable rate is 18%

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On 17 February 2023 at 16:43
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GST Consultant
15986 Points Posted on 17 February 2023

Sale of whole business is exempt if all assets and liabilities are being sold. Auction sale by bank is always on behalf of business owner.

If assets are being sold individually then applicable GST rates will be charged

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On 17 February 2023 at 19:30

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