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Stock used in business

23 January 2020

If laptop dealer transfer one laptop to his accountant for day to day recording business transaction ,then under GST what be the consequences?

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3 Replies

Anup Agarwal (1184 Points)
Replied 23 January 2020

Mr. Sumit it shall be treated as Permanent transfer of business assets. and account to rule 44 of CGST Rules 2017 GST shall be applicable.

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Sivaramaraju G (Learner) (2398 Points)
Replied 23 January 2020

If you have claimed ITC on laptop, you no need to reverse ITC because such laptop is converting from stock in trade to capital asset any 100% ITC can be claimed on laptop ITC in the year of purchase itself.

Anup Agarwal (1184 Points)
Replied 24 January 2020

Mr. Ramaraju he has transferred to his accountant, not converted into capital goods.

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