WebMay 28, 2024 · “A going concern is a concept of accounting and applies to the business of the company as a whole. Transfer of a going concern means transfer of a running … WebMay 28, 2024 · Transfer of a going concern means transfer of a running business which is capable of being carried on by the purchaser as an independent business. EY India Partner Abhishek Jain said: "The ruling should aid in offering clarity to GST implications on conventional hiving off/demerger transactions".
Going concern - Wikipedia
WebA going concern is an accounting term for a business that is assumed will meet its financial obligations when they become due. It functions without the threat of liquidation for the … WebFeb 17, 2024 · An Advanced Authority Ruling (AAR) has upheld that merger of a proprietorship firm as a going-concern with a company is not a supply and hence it … my stool smells sour
GST Payable on Services by way of transfer of a going concern…
WebNov 27, 2024 · GST for Supply of Going Concern 1.Should the whole sales proceeds $90,000 be GST free as the business is sold as a going concern? 2.Only $50,000, which is for the sale of Goodwill, is gst free. The $40,000, which is for equipments, is subject to GST as the equipment is depreciating asset, not capital asset? ... The ruling I linked in my … WebFeb 17, 2024 · Furthermore, as stamp duty is payable based on the GST inclusive consideration, by treating the sale as the supply of a going concern this will also have the effect of potentially reducing the stamp duty payable (by approximately 5.5% of 10%), depending on the nature and location of the assets acquired. WebJun 3, 2014 · Also, both parties must be registered, or required to be registered, for GST. The contract must also contain provision for who pays the GST if the ATO declare, after settlement, that the transaction is NOT in fact a supply of a going concern. This article has been prepared with assistance from the Australian Taxation Office GST Tax Ruling 2002/5. the shoot system in plants