GST SCHEDULE 2 | Section 7 | Transfer Of Business Assets, Supply Of Good...



  1. Namaskaar Dosto, Aaj ke is video me hum Schedule 2 to Section 7 Of CGST ACT, 2017 ko cover karne waale hai.
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    ~SCHEDULE II: See section 7 Of CGST ACT, 2017:
    ACTIVITIES TO BE TREATED AS SUPPLY OF GOODS OR SUPPLY OF SERVICES
    4. Transfer of business assets
    (a) where goods forming part of the assets of a business are transferred or disposed of by or under the directions of the person carrying on the business so as no longer to form part of those assets, whether or not for a consideration, such transfer or disposal is a supply of goods by the person;
    (b) where, by or under the direction of a person carrying on a business, goods held or used for the purposes of the business are put to any private use or are used, or made available to any person for use, for any purpose other than a purpose of the business, whether or not for a consideration, the usage or making available of such goods is a supply of services;
    (c) where any person ceases to be a taxable person, any goods forming part of the assets of any business carried on by him shall be deemed to be supplied by him in the course or furtherance of his business immediately before he ceases to be a taxable person, unless—
    (i) the business is transferred as a going concern to another person; or
    (ii) the business is carried on by a personal representative who is deemed to be a taxable person.

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