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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

Kanaga Mani

CA Inter

2K+

29-May-20 19:37

21

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

KEERTHI PRIYA

Moderator

29-May-20 21:10

Then personal asset also deemed to be business asset


Kanaga Mani

Kanaga Mani

CA Inter

2K+

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

KEERTHI PRIYA

Moderator

29-May-20 21:24

Tq mam


Kanaga Mani

Kanaga Mani

CA Inter

2K+

29-May-20 21:51

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