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Partnership firm Car transfer
GST applicability On Car transfer from partnership firm to partners?
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Quick Summary
Supply made between related persons for inadequate consideration or no consideration is considered as 'Supply' within a meaning of schedule I of the CGST Act. Supply made between related person with consideration in arms length price shall constitute supply like any other transaction.
In your case, Partnership firm and partners are related person and accordingly,it shall constitute the supply and hence, taxable under GST.
In your case, Partnership firm and partners are related person and accordingly,it shall constitute the supply and hence, taxable under GST.
Please note that Gst is leviable as above and vlauation and rate for the same have been separately prescribed for motor vehicles. kindly check the rates before invoicing.
Yes... GST is applicable for the sale of car from Firm to Partner.
Supply made between related persons for inadequate consideration or no consideration is considered as 'Supply' within a meaning of schedule I of the CGST Act. Supply made between related person with consideration in arms length price shall constitute supply like any other transaction.
In your case, Partnership firm and partners are related person and accordingly,it shall constitute the supply and hence, taxable under GST.
Further, permanent transfer of business assets with an intention of not receiving it back provided Input tax credit has been availed on such assets are also taxable under GST.
In your case, Partnership firm and partners are related person and accordingly,it shall constitute the supply and hence, taxable under GST.
Further, permanent transfer of business assets with an intention of not receiving it back provided Input tax credit has been availed on such assets are also taxable under GST.
What will be the treatment when the partner's vehicle transfer to the partnership firm
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