Sir,
I am employee of a bank and had availed furniture reimbursement facility from the Bank. Now I have resigned and the bank is charging gst on the wdv of the household items so that the ownership can be transferred in my name. Please clarify if gst is applicable or not. No ITC was claimed as the items were purchased in the pre-gst regime(vat).
Resignation Leads to GST Charges on Household Items' Transfer Despite No Input Tax Credit Claimed Under Pre-GST VAT Rules. An individual resigned from a bank job and faced GST charges on the written-down value of household items for ownership transfer. Despite not claiming Input Tax Credit (ITC) as the items were bought pre-GST under VAT, GST is deemed applicable on the transaction value. It was clarified that the bank's transaction, even if not regular, involves GST as it falls under business activities. Concerns about double taxation were addressed, explaining that GST replaces VAT, and no double taxation occurs as the tax is on value added. The discussion highlighted GST's impact on reducing net tax for businesses. (AI Summary)
Goods and Services Tax - GST
TaxTMI 
TaxTMI 
TaxTMI 
