GST LEVY ON TFR OF BUSINESS ASSET WHERE NO ITC AVAILED

[Akash Aggarwal]

Sale of fixed asset (business asset) for consideration by a registered dealer is liable to gst where ITC has not been availed on the said asset? Ref M/s Sameera Trading Co AAR Karnataka = 2019 (10) TMI 1094 - AUTHORITY FOR ADVANCE RULING, KARNATAKA

AI Summary

GST Applies on Business Asset Sale Without ITC Claim, Says Clause 4, Schedule II of CGST Act A query was raised regarding the applicability of GST on the sale of a business asset by a registered dealer when no Input Tax Credit (ITC) has been availed on that asset. The reference was made to a ruling by the Authority for Advance Ruling in Karnataka. A respondent clarified that under clause 4 of Schedule II of the Central Goods and Services Tax (CGST) Act, such a transaction is liable for GST.