Section 115BBE classification requires a valid deeming-provision basis before special taxation, while the enhanced rate's temporal application remains...
Coercive recovery during GST searches is restrained pending scrutiny, preserving normal business operations and requiring adherence to investigation g...
Under GST, a comprehensive transfer of an entire proprietorship business to an LLP without consideration, including assets, liabilities, employees and business rights, constitutes a supply even if not made in the ordinary course of business. Transfer of a business as a going concern is classified as a supply of services because it is excluded from treatment as a supply of goods. The going-concern exemption applies only where the business is established as a going concern under applicable standards. If that status is not established, transferred stock and other business assets are treated as taxable supplies of goods at the applicable rates.
Under GST, a comprehensive transfer of an entire proprietorship business to an LLP without consideration, including assets, liabilities, employees and business rights, constitutes a supply even if not made in the ordinary course of business. Transfer of a business as a going concern is classified as a supply of services because it is excluded from treatment as a supply of goods. The going-concern exemption applies only where the business is established as a going concern under applicable standards. If that status is not established, transferred stock and other business assets are treated as taxable supplies of goods at the applicable rates.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
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