Aquarelle India Private Limited,

Whether disposing off assets (no CENVAT/VAT Credit was taken) fastened to the building on delivering possession to the lesser, on which no consideration will be received, shall fall within the ambit of “Supply” as per Section 7 of Central Goods and Services Tax Act, 2017 and shall be chargeable with GST, as per provisions of Central Goods and Services Tax, 2017 (alternatively “CGST”), the Karnataka Goods and Services Tax, 2017 (alternatively “KGST”) and Integrated Goods and Services Tax, 2017 (alternatively “IGST”) and rules contained therein?
2. If the answer to above question is in affirmative, should the value appearing in the books as on the date of disposal may be construed as the “open market value” on which GST is to be discharged as per Rule 27 of the CGST rules 2017?