https://www.taxtmi.com/forum/issue?id=116290 A free transfer of a business asset to an NGO after ITC was claimed triggers either payment of tax as a deemed supply or reversal of input tax credit; for capital goods the prescribed depreciation adjustment per quarter applies. If tax is charged a tax invoice must be issued and the outward supply declared in GSTR-1 (B2B or B2C) and GSTR-3B; alternatively FOC movement may be effected by delivery challan while reversing ITC in the GSTR-3B ITC reversal table and making corresponding disclosures in GSTR-1. en-us Tue, 12 May 2020 18:30:37 +0530 Thu, 23 Jan 2025 15:54:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=116290 A free transfer of a business asset to an NGO after ITC was claimed triggers either payment of tax as a deemed supply or reversal of input tax credit; for capital goods the prescribed depreciation adjustment per quarter applies. If tax is charged a tax invoice must be issued and the outward supply declared in GSTR-1 (B2B or B2C) and GSTR-3B; alternatively FOC movement may be effected by delivery challan while reversing ITC in the GSTR-3B ITC reversal table and making corresponding disclosures in GSTR-1. Discussion-Forum GST Tue, 12 May 2020 18:30:37 +0530 https://www.taxtmi.com/forum/issue?id=116290