TMI BlogGST Applicability on Business Asset Transferred as Personal AssetX X X X Extracts X X X X X X X X Extracts X X X X ..... What is the GST applicability on Business Asset (Inventory: Building Work in Progress) which is transferred as capital Asset in person file due to flat is not sold. NO ITC is availed by the assessee as it was of Service tax era. - Reply By Shilpi Jain - The Reply = If it's a unit where the completion certificate is received, no gst liability - Reply By Punit Agarwal - The Reply = What if ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... completion certificate not received till date. As the flat is not yet completed??? - Reply By Shilpi Jain - The Reply = It can be argued that it is an immovable property which is sold and thereby no gst liability. However the dept would contend it to fall under sch II entry 5b and thereby liable to gst. If commercial 18% else 7.5% - Reply By Punit Agarwal - The Reply = Shilpi ji, I am a bit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... confused. I suppose I have provided incomplete details about the facts. Please help me with this complete facts. The assessee is a private limited company where he has inventory of building which is unsold as on date. The building was of service tax era. No ITC claimed under GST. No completion certificate received till date. As the company is unable to sale the flat the management has decided t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o capitalise the assets in the company books of accounts for renting the property in future. No does the liability to pay GST arises for mere transfer of property from inventory to fixed assets register. Thanks and regards - Reply By YAGAY andSUN - The Reply = Notfn No.05/2019 04/2019 https://taxguru.in/goods-and-service-tax/credai-recommendations-gst-november-2020.html - Reply By ABHIS ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... HEK TRIPATHI - The Reply = Dear Punit Ji, It's just the book adjustment. Ownership never changes, there is no supply involved. Seems impossible to call the builder/company as a supplier and recipient at the same time. Stock-in-trade (inventory) to capital assets, to my view, just a book adjustment where ownership never changes. So, if there is no supply then no GST. - Reply By Shilpi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Jain - The Reply = Agree with Mr. Abhishek. No supply and mere book entry. - GST Applicability on Business Asset Transferred as Personal Asset - Query Started By: - Punit Agarwal Dated:- 3-7-2021 Goods and Services Tax - GST - Got 7 Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxman ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... agementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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