I have constituted partnership firm and taken regular GST registration . I have claimed input tax credit on purchase of assets but not availed it( not setted off against my output tax liability) . now I am winding up my firm and I decided to sell my assets. what is the procedure under GST ?
do I need to collect tax from the person I sell my assets?
do I could claim refund of GST paid on purchase of assets ??
please help me
Menu
sale of assets in the winding up
Replies (2)
you have to pay GST on business goods lying in your stock. you can pay output tax after setting off input tax credit.
you cannot claim refund of GST paid on purchase of assets.
in fact any unutilised itc will lapse.
however, if you are transferring business as a going concern then, then no GST will have to be paid. transferee will be entitled to itc lying in your book.
you cannot claim refund of GST paid on purchase of assets.
in fact any unutilised itc will lapse.
however, if you are transferring business as a going concern then, then no GST will have to be paid. transferee will be entitled to itc lying in your book.
@ Neha Aggarwal :I am asking do we need to collect GST on sale of assets. if collected can we adjust it against unavailed input tax credit on purchase of the same assets (not setted off)
Recent Topics :
- CA FINAL FR FINANCIAL INSTRUMENTS (Ind AS 109) Dou
- 70:30 GST rule for solar EPC: partial scope (struc
- TDS on Redevelopers hardship allowance received no
- Who will take FSSAI AND TRADE LICENSE: owner or te
- E Way Bill in respect of Without Bringing Material
- FAST DS 2026 query
- Consultation
- E-way notices for FY 22-23
- Gst file not created
- Regarding 3CEB query
Related Topics :
CAclubindia
