GST ON auction sale of entire business by bank

In case of auction sale of entire business by bank
18℅ gst Applicable?
Replies (2)
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.

Yes, Applicable rate is 18%

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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