If a partnership firm wants to transfer the software (i.e Intangible Assets) to its partners at Nil consideration, whether we have to do GST reversal?
If a partnership firm wants to transfer the software (i.e Intangible Assets) to its partners at Nil consideration, whether we have to do GST reversal?
Yes, GST reversal have to be made.
Can you please let me know under which section or Rule this reversal will be done?
Reversal have to be made under section 18(6) of the CGST Act, 2017
Section 18(6) "In case of supply of capital goods or plant and machinery,........."
Sec 2(19) "Capital goods means goods,......"
Sec 2(52) "goods means every kind of movable property......."
As per my understanding, software is not a capital goods, so section 18(6) will not be applicable.
Shyam Joshi & Associates
Pune
B.Com
View Details
CAclubindia
