Supply Includes Without Consideration - Para 1 of Schedule I Read with Section 7(1)(c)

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... he CGST Act contain the certain activities or transaction specified in, made or agreed to be made without a consideration, have also been include in the definition of "Supply". Para 1 - Permanent transfer or disposal of business assets where input tax credit has been availed on such assets. * "Permanent Transfer" implies that the goods should be transferred without any inten .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... entire business as a going concern cannot be subject to GST. As per Education Guide issued as 12th Jun 2012 define the meaning of the term 'transfer of a going concern' As per para 7.11.15 - Transfer of a going concern means transfer of a running business which is capable of being carried on by the purchaser as an independent business, but shall not cover mere or predominant transfer o .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... W M/S. Airports Authority India (2023 (4) TMI 959 - AAR, Rajasthan) * whether Supply or not - "transfer of business or business assets" * In this case activity held is transfer of business as a going concern without consideration is supply of service which is exempt supply in light of Sl.No. 2 of Notification 12/2017 of CGST Act 2017 Further, as per section 17 read with rule 42 of .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X