Gst On Repossesssed Assets Bought From The Bank

Rishav Mandholia
watch_later 2 years, 11 months ago

if a person/corporation purchases assets through a bank of a default company which in now considered an NPA by a lender( bank/NBFC) what will be the treatment of GST and what will be it’s implications. And how to move this assets inter state.

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1 Answer

anonymous user watch_later 2 years, 11 months ago

In this case bank owns asset and bank will normally issue tax invoice. You can bring these goods interstate with E-way bill.

Alternatively if bank does not issue invoice, then you have can bring goods with charging IGST on RCM basis.

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