tranfer of factory building , gst implications

[satbir singhwahi]

A partnership firm has factory building . Now the firm is shifting to new location. Existing factory building(built in financial year 2012-13) it wants to transfer to sister concern. Whether gst applicable.

AI Summary

Transfer of Factory Building to Sister Concern Not Subject to GST as Per Schedule III & II, Paragraph 5b A partnership firm plans to transfer its existing factory building, constructed in the financial year 2012-13, to a sister concern as it relocates. A query was raised about the applicability of GST on this transfer. The response clarifies that according to Schedule III, paragraph 5, read with Schedule II, paragraph 5b, the transfer is neither considered a supply of service nor a supply of goods. Therefore, no GST is applicable on the transfer of the factory building.