Permanent transfer of assets with ITC availed is treated as:
AAn exempt supply always
BA supply only if sold
CSupply without consideration
DA non-taxable event
Answer & Solution
Correct answer: C. Supply without consideration
Schedule I treats permanent transfer or disposal of business assets on which credit was availed as supply without consideration.
Keep practising Miscellaneous Provisions
Browse all Miscellaneous Provisions questions for CA Final, or explore more Indirecttaxlaws topics.
Related questions
Supply of warehoused goods before clearance for home consumption is treated as:Services by any court or Tribunal under law are treated under Schedule III as:Software development and customisation is classed under Schedule II as:Supply of food or drink for human consumption as part of a service is a supply of:Under Schedule II, a works contract is a composite supply treated as:Treatment or process applied to another person's goods is a supply of:A lease or tenancy of land is treated under Schedule II as a supply of:The Central Excise Act, 1944 survives for goods in which Union List entry?