Poonawalla fincorps
Poonawalla fincorps

Transfer of liability into misc. income

This query is : Resolved 
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(Querist)
24 April 2018 Dear Expert,
as per our corporate policy, any liability remains unclaimed for more than 3 years then same should be transferred into miscellaneous income, now the query is that whether this transfer will attract GST or not?

kindly reply/guide at earliest, please.
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RAJA P M

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RAJA P M (Expert)
24 April 2018 As per my view., It's not a Supply. So, GST not applicable... Wait on further replies from our Experts.
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KAVIRAJA ADDANGADI

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KAVIRAJA ADDANGADI (Expert)
25 April 2018 Don't mention as miscellaneous income, You can use credit written off, if credit is already suffered tax no need to further tax.
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