Start learning 50% faster. Sign in now
As per Schedule I of the CGST Act, 2017, the following transactions are treated as supply, even if they are made without consideration: Permanent transfer or disposal of business assets on which input tax credit has been availed. This means that if a business disposes of or transfers a business asset on a permanent basis, and it has availed input tax credit on that asset, then the business is liable to pay GST on the disposal or transfer, even if it does not receive any consideration for it. The rationale behind this provision is to prevent businesses from availing input tax credit on business assets and then disposing of or transferring those assets without consideration, in order to avoid paying GST. Here are some examples: A business purchases a machine for ₹10,000 and claims input tax credit on the purchase. The business then donates the machine to a charity. The business is liable to pay GST on the donation, even though it does not receive any consideration for it.
The issuance of sweat equity shares in the Company shall____________, of the paid -up equity capital of the Company at any time
The Court shall take Judicial Notice of certain facts. Which of the following facts is not included?
A mortgagor has right to inspect any document of title in the custody or power of mortgagee ________.
________________ in India is known as the court of record
Form of numerals to be used for the official purposes of the Union is?
A member or part time member of the Board shall not be appointed as Presiding Officer or Member of the Securities Appellate Tribunal
The delay in filing a complaint under Section 138 of Negotiable Instrument Act, 1881 can be condoned
Which of the following is an exception to the doctrine of privity of contract rule _______________?
Admission can be:_________.
The definition of fact is given in which section of the Act?