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Stock used in business
If laptop dealer transfer one laptop to his accountant for day to day recording business transaction ,then under GST what be the consequences?
Replies (3)
Mr. Sumit it shall be treated as Permanent transfer of business assets. and account to rule 44 of CGST Rules 2017 GST shall be applicable.
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.
Mr. Ramaraju he has transferred to his accountant, not converted into capital goods.
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