Capital Asset - Plant and Machinery introduced by incoming partner in partner ship firm

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..... Capital Asset - Plant and Machinery introduced by incoming partner in partner ship firm
Query (Issue) Started By: - anuja bhandari Dated:- 26-2-2019 Last Reply Date:- 21-3-2019 Goods and Services .....

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..... Tax - GST
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GST
A proprietor firm unregistered in GST has plant machinery in Assets. The proprietor in individual capacity will be introduced as partner in partnership firm and will .....

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..... introduce the plant and machinery as capital introduction. WDV of plant and machinery is 1 crore. Plant and Machinery is purchased pre GST period by proprietor. Will GST be applicable on capital asse .....

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..... t introduced by incoming partner? Reply By Dhruv Dedhia: The Reply: Section 7 of CGST Act 2017 read with Schedule I of CGST Act 2017 states that any supply of goods or services or both between relat .....

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..... ed persons (employee and employer) when made in the course or furtherance of business even without consideration would amount to supply. Many cases in earlier laws could be referred which says penalt .....

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..... ies once imposed on partnership firm cannot be imposed on partners are not a separate legal entity and cannot be equated as an employee of the firm. Partners and partnership firms are not a separate .....

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..... legal entity hence any transfer from partner to partnership firm would be treated as self-consumption and would not be liable to GST.
Discussion Forum - Knowledge Sharing .....

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