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of <h1>Section 7(1A) CGST Act: Permanent Asset Transfers as Goods; Temporary Transfers as Services; Business Cessation Rules Explained.</h1> Section 7(1A) of the CGST Act, read with Schedule II, clarifies when certain activities or transactions are treated as supplies of goods or services for GST purposes. Permanent transfer of business assets is considered a supply of goods if the assets no longer form part of the business and are disposed of by the business owner or an authorized person. Temporary transfer of business assets for non-business use is deemed a supply of services. If a person ceases to be taxable, their business assets are treated as supplied unless the business is transferred as a going concern or continued by a representative.
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