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transfer of asset
I am transferring my assets from old entity to new entity. Is there any gst on transferred assets ?
Replies (3)
As per schedule I (section 7 ) of CGST act 2017 , permanent transfer of Business assets where input tax credit has been availed on such asset even without consideration will be treated as supply and GST applicable .
please confirm with others also.
agreed with above view. it will be subjected to GST as per schedule I. charge gst and claim ITC for the new entity
Abhishek,
Although as per schedule I, permanent transfer of business assets is supply
but as per serial number 2 of notification 12/2017, the sale of running business (going concern) is exempted.
so if the your new entity is having a separate legal identity and the business is going concern then such supply shall be exempted.
Although as per schedule I, permanent transfer of business assets is supply
but as per serial number 2 of notification 12/2017, the sale of running business (going concern) is exempted.
so if the your new entity is having a separate legal identity and the business is going concern then such supply shall be exempted.
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