https://www.taxtmi.com/forum/issue?id=116646 If the asset transfer is a true capital contribution there is no consideration or payment obligation and the partnership may retain input tax credit after making appropriate accounting entries; if instead the transfer is characterized as a deemed supply of business assets on ceasing a taxable activity, the conditions for availing ITC - including the payment-timing adjustment tied to failure to pay - will apply. Related-party characterization may further affect valuation and compliance treatment. en-us Fri, 21 Aug 2020 14:12:04 +0530 Thu, 23 Jan 2025 15:54:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=116646 If the asset transfer is a true capital contribution there is no consideration or payment obligation and the partnership may retain input tax credit after making appropriate accounting entries; if instead the transfer is characterized as a deemed supply of business assets on ceasing a taxable activity, the conditions for availing ITC - including the payment-timing adjustment tied to failure to pay - will apply. Related-party characterization may further affect valuation and compliance treatment. Discussion-Forum GST Fri, 21 Aug 2020 14:12:04 +0530 https://www.taxtmi.com/forum/issue?id=116646