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GST ON cessation of liability
a private limited company registered in Gst making taxable supplies writting off some of his liabilities as it ceases to arrise in future so is there any liability of Gst if cessation of liability of rs around 15 lakhs
Replies (1)
NO, AS AT THE TIME OF PURCHASE , THE COMPANY HAS ALREADY PAID GST TO THE SELLER AND HAS CLAIMED ITC. GST HAS NO ROLE WHEN IT COMES TO CESSATION OF LIABILITY DUE TO ANY DISPUTE BETWEEN THE PARTIES.
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