Home Forum Goods and Services Tax - GST Month 12 2021 2021 (12) This
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GST on sale of ongoing concern - Goods and Services Tax - GSTExtract 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. XYZ had received approx. ₹ 50 Crores against this sale. As per Sr. No. 2 of Notification No. 12/2017- Central Tax (Rate) dt. 28.06.2017 as amended, there is an un conditional exemption from payment of GST for Services by way of transfer of a going concern, as a whole or an independent part thereof. Accordingly, XYZ is not liable to pay GST on the amount of ₹ 50 Crores received. 1) Whether XYZ is required to prepare Tax Invoice and pay GST on the goods viz. capital goods, Raw/ Packing Materials and Finished Goods physically transferred to PQR Pvt. Ltd. after the date of sale deed entered in to with PQR?
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