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Partnership firm Car transfer

SamsumgM30 Galaxy (20 Points)

01 May 2020

GST applicability On Car transfer from partnership firm to partners?

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Kiran Hathalia (831 Points)
Replied 01 May 2020

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.

CA Abhishek Goel (Indirect taxes ) (131 Points)
Replied 01 May 2020

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.

RAJA P M ("Do the Right Thing...!!!") (127142 Points)
Replied 01 May 2020

Yes... GST is applicable for the sale of car from Firm to Partner.

Kiran Hathalia (831 Points)
Replied 01 May 2020

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.

vinitha prasannan (18 Points)
Replied 02 December 2021

What will be the treatment when the partner's vehicle transfer to the partnership firm

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