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Regarding Transfer Of Motor Vehicle Without Consideration., Goods and Services Tax - GST |
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Regarding Transfer Of Motor Vehicle Without Consideration. |
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Sir, Mr.A purchased a Motor Car as a business assets in GST Era. But as ITC is blocked,He has not taken the ITC of the same. Now, He wants to Gift the same to his relative WITHOUT CONSIDERATION. 1.Whether GST is payable on Gift of such car as clause 4(a) of Schedule-II says about applicability of GST on business asset even without Consideration, even with or without ITC? 2.If yes, How GST shall be computed 3.whether your reply differ, If He taken away for his personal use? Posts / Replies Showing Replies 1 to 2 of 2 Records Page: 1
Schedule II is to be used only as guidance to classification of any supply, i.e. whether a supply is supply of goods/services. As per schedule I, disposal of business assets where input tax credit has been availed on such assets shall be treated as supply even if it is without consideration. No GST is to be charged.
GST is not leviable. Page: 1 Old Query - New Comments are closed. |
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