I have some business assets bought during Pre GST era and VAT was availed.
Do i need to pay GST on such sales ? If so, on which value i.e. WDV or purchase value ?
Secondly, can i sell these assets to my business partner by raising invoice in his name ?
Thanks in advance !
GST is generally applicable on the sale of business assets if you previously claimed input tax credit on them. If GST is required, it is typically charged on the transaction value. You can sell these assets to a business partner by raising a formal tax invoice, but if you are "related parties," you must ensure the valuation complies with GST Valuation Rules. Consult a tax professional to review your specific transition of credit to ensure compliance.
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