GST Applicability on Business Asset Transferred as Personal Asset

[Punit Agarwal]

What is the GST applicability on Business Asset (Inventory: Building Work in Progress) which is transferred as capital Asset in person file due to flat is not sold.

NO ITC is availed by the assessee as it was of Service tax era.

AI Summary

GST Not Applicable for Business Asset Transfer to Personal Asset if No Ownership Change Occurs A discussion on a forum addressed the applicability of GST on a business asset, specifically a building work in progress, transferred to a personal asset due to unsold inventory. The initial query questioned GST liability, particularly when no input tax credit (ITC) was claimed. Responses varied; one suggested no GST if the completion certificate was received, while another argued it might be considered an immovable property sale, potentially incurring GST. However, further clarification indicated that transferring the asset within the company's books, without change in ownership or supply, does not trigger GST liability.