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Indirect Taxation

In schedule 1 Permanent Transfer or disposal of BUSINESS ASSET or all asset? In illustration 1 Donates clothes and toys to children living in slum area- this is not a BUSINESS ASSET but in lecture mentioned as permanent Transfer of asset how?

Kanaga Mani

CA Inter

★ 3K+

29-May-20 19:37

362

Answers (4)

Permanent transfer of Business Asset is covered in schedule-1 and no specific definition was given in GST law for business asset.

KEERTHI PRIYA

CA Inter

★ 695

29-May-20 21:10

Then personal asset also deemed to be business asset

Thread Starter

Kanaga Mani

CA Inter

★ 3K+

29-May-20 21:13

Business asset on which you claim ITC earlier ,but here if you use asset for personal use then you cannot cliam ITC then no GST.

KEERTHI PRIYA

CA Inter

★ 695

29-May-20 21:24

Tq mam

Thread Starter

Kanaga Mani

CA Inter

★ 3K+

29-May-20 21:51

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