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All QuestionsCategory: GST CompliancesITC for restaurants
Profile photo of Rakesh TayalCA Rakesh Tayal asked 2 years ago

ITC for restaurants

Q2:- As in Case of Restaurants Business Opting for “5% with no ITC”,

where the assets or part of assets is transferred to another person for a consideration, what rate of GST be applicable on such transaction and also whether any benefit of ITC forgone will be available to the taxpayer

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1 Answers
Profile photo of CA Venu Gopal GellaCA Venu Gopal Gella answered 2 years ago

NIL / Exempt

ITC benefit will not be avilable for the buyer