WebJun 2, 2024 · Notification No.12/2024- Central Tax (Rate): As per this notification, services by way of transfer of going concern as a whole or part thereof is exempt from GST. By way of this notification, the Revenue has clarified that transfer of a business as a going concern is exempt from GST. But, the term going concern is not defined anywhere under GST. WebSection 38-325(1) provides a supply of a going concern is GST-free where all the following conditions are met: the supply is for consideration; the recipient of the supply is registered (or required to be registered); and . both parties have agreed in writing prior to the sale that the supply is of a going concern. ...
What constitutes a going concern? - datatax.com.au
WebApr 5, 2024 · This division, along with all its assets and liabilities, was to be transferred as a whole as a going concern on an ‘as is, where is basis’. The company submitted that the … WebApr 5, 2024 · The Karnataka bench of the Authority for Advance Rulings (AAR) held in a recent ruling that sale of a business vertical as a ‘going concern’ will not attract the goods and services tax (GST), provided the conditions are met. This is because a notification dated June 28, 2024 specifically prescribes that “services by way of transfer of a ... henry rollins famous quotes
No GST on biz vertical sold as ‘going concern’ A2Z Taxcorp LLP
WebA GST- free supply of a going concern Complexity arises in firstly determining the default GST treatment to be applied, secondly in determining whether an alternate treatment may be available that yields a better result, and thirdly, in considering any subsequent GST, stamp duty, or income tax considerations that may arise as a result of the ... WebIf you sell commercial residential property, you are generally making a taxable sale. as part of a going concern. You can claim GST credits on purchases made relating to selling your property, for example, the GST included in real estate agent or solicitor fees. To claim GST credits, you must be registered for GST. WebThe Karnataka bench of the Authority for Advance Rulings (AAR) held in a recent ruling that sale of a business vertical as a ‘going concern’ will not attract the goods and services tax (GST ... henry rollins favorite bands