I have constituted partnership firm and taken regular GST registration . I have claimed input tax credit on purchase of assets but not availed it( not setted off against my output tax liability) . now I am winding up my firm and I decided to sell my assets. what is the procedure under GST ?
do I need to collect tax from the person I sell my assets?
do I could claim refund of GST paid on purchase of assets ??
please help me
you have to pay GST on business goods lying in your stock. you can pay output tax after setting off input tax credit.
you cannot claim refund of GST paid on purchase of assets.
in fact any unutilised itc will lapse.
however, if you are transferring business as a going concern then, then no GST will have to be paid. transferee will be entitled to itc lying in your book.
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