If laptop dealer transfer one laptop to his accountant for day to day recording business transaction ,then under GST what be the consequences?
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Quick Summary
This discussion clarifies the GST treatment when a laptop, initially part of a dealer's stock, is transferred to an accountant for business record-keeping. It's considered a permanent transfer of business assets, subject to Rule 44 of CGST Rules 2017. If Input Tax Credit (ITC) was claimed on the laptop, no reversal is needed as it's moving from stock-in-trade to a capital asset, allowing 100% ITC claim in the purchase year.
If you have claimed ITC on laptop, you no need to reverse ITC because such laptop is converting from stock in trade to capital asset any 100% ITC can be claimed on laptop ITC in the year of purchase itself.