TaxTMI 
TaxTMI 
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.
GST Applicability on Business Asset Transferred as Personal Asset
03 Jul 2021 
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GST liability on converting inventory to capital asset hinges on whether the transfer constitutes a supply.
Reclassifying unsold building inventory as a capital asset without change of ownership and without a completion certificate raises GST questions. The prevailing view in the discussion is that a mere book adjustment does not constitute a supply and thus does not attract GST liability, though revenue authorities may argue the transfer falls within the provisions treating certain immovable property transactions as taxable when completion status is lacking. (AI Summary)
Reclassifying unsold building inventory as a capital asset without change of ownership and without a completion certificate raises GST questions. The prevailing view in the discussion is that a mere book adjustment does not constitute a supply and thus does not attract GST liability, though revenue authorities may argue the transfer falls within the provisions treating certain immovable property transactions as taxable when completion status is lacking. (AI Summary)