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GST on sale of ongoing concern without movement of goods
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....ST on sale of ongoing concern without movement of goods<br> Query (Issue) Started By: - Kaustubh Karandikar Dated:- 28-12-2021 Last Reply Date:- 26-1-2022 Goods and Services Tax - GST<br>Got 2 Replies....
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....<br>GST<br>XYZ (Proprietory Concern) has sold its entire business to PQR Pvt. Ltd. under slump sale of ongoing concern arrangement i.e., transfer of a whole of business concern as a going concern. The....
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....re will not be any physical movement of goods from XYZ to PQR and therefore no GST payment by XYZ. The premises of XYZ will be declared as additional place of business by PQR. XYZ will not be surrende....
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....ring the GST Registration till all the required returns are not filed under GST. PQR will in the meantime start using the goods lying in the premises of XYZ. Is this in line with the provisions of GST....
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....? Reply By Shilpi Jain: The Reply: This should be fine. Reply By CAHemanth Kumar: The Reply: Also consider that since supply is exempt from GST, we need to comply with the requirement of common cr....
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....edit reversal under rule 42. Specific services take for business transfer like due diligence- complete credit is ineligible. Common credit if any- need to do rule 42 reversal<br> Discussion Forum - ....
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