Home
Forgot password New User/ Regiser Register to get Live Demo
Section 85 LIABILITY TO PAY IN CASE OF TRANSFER OF BUSINESS - GST Ready Reckoner - GSTExtract ..... LIABILITY TO PAY IN CASE OF TRANSFER OF BUSINESS [SECTION 85 OF THE CGST ACT] Liability Of transferor Transferee Severally Jointly in case of transfer of business Where a taxable person, liable to pay tax under CGST Act, transfers his business [this includes transfer or change in the ownership of business due to death of the sole proprietor in whole or in part, by sale, gift, lease, leave and license, hire or in any other manner whatsoever, then the taxable person and the person to who ..... x x x x x Extracts x x x x x Section 85 LIABILITY TO PAY IN CASE OF TRANSFER OF BUSINESS - GST Ready Reckoner - GST x x x x x Extracts x x x x x ..... th of sole proprietor. [Circular No. 96/15/2019-GST Dated 28 th March, 2019] Example 1 : C trading co crosses threshold of 20 lakhs and becomes liable for registration in feb 2020. howsoever it does not take registration for 7 months . after words it transfer its business to O trading Co. Answer - C Trading O Trading Co are both are severally jointly liable for tax liability up to the time of transfer . Howsoever C trading Co is not liable for tax liability for the supplies made after transfer. ..... x x x x x Extracts x x x x x Section 85 LIABILITY TO PAY IN CASE OF TRANSFER OF BUSINESS - GST Ready Reckoner - GST x x x x x Extracts x x x x x
|