Applicability of Transfer of Unconstructed Building, Goods and Services Tax - GST

[Punit Agarwal]

An assessee has carried out a Joint Development agreement for construction of a building. The assessee has partially constructed the Building and is out of Money and so decides to sale the project to another another Builder.

A triparti agreement is made between Landower, the assessee and the other Builder.

1. What will be the GST implication on transfer of under-constructed building by the Assessee to the other Builder.

2. Can we claim exemption as (Transfer of business as going Concern).

Posts / Replies

[Shilpi Jain]

This would require further facts and analysis to conclude.

[Shilpi Jain]

For exemption as going concern transfer it is necessary that all the assets and liabilities that are required for continuing the business are transferred for a lumpsum consideration,.