Liability in case of transfer of business, Sec 85 of CGST Act, 2017
The below post explains about Liability in case of transfer of business under section 85 of CGST Act,2017.
Section 85 of CGST Act, 2017 explains Liability in case of transfer of business as below: (The amendments if any will also be updated here soon).
The extract of Section 85 of CGST Act,2017 quoted below:
85 Liability in case of transfer of business
85. (1) Where a taxable person, liable to pay tax under this Act, transfers his business
in whole or in part, by sale, gift, lease, leave and license, hire or in any other manner
whatsoever, the taxable person and the person to whom the business is so transferred shall,
jointly and severally, be liable wholly or to the extent of such transfer, to pay the tax, interest
or any penalty due from the taxable person upto the time of such transfer, whether such tax,
interest or penalty has been determined before such transfer, but has remained unpaid or is
determined thereafter.
(2) Where the transferee of a business referred to in sub-section (1) carries on such
business either in his own name or in some other name, he shall be liable to pay tax on the
supply of goods or services or both effected by him with effect from the date of such transfer
and shall, if he is a registered person under this Act, apply within the prescribed time for
amendment of his certificate of registration.
The above information clarifies about Liability in case of transfer of business under section 85 of CGST Act,2017.
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