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Slump sale of a firm
when firm sales its assets and liability at the time of closure of business whether it attracts GST
Replies (5)
Yes it will; However if the business is sold as a going concern then it is exempt
Attracts GST,if the business is sold as a going concern then it is exempt.
In that case, what will be the rate of GST..?
Rate will be the rate for individual products(stock items and Capital Goods) if it doesn't fall into category of mixed or composite supplies(section 8 of CGST Act).
but remember, final liability should be higher of:
1.Output Tax on this sale
and
2.Credit balance in electronic cr ledger.
but remember, final liability should be higher of:
1.Output Tax on this sale
and
2.Credit balance in electronic cr ledger.
Thanks for your valuable time...
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