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

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..... e I to the 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 intention or requirement .....

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..... As per Education Guide issued as 12th Jun 2012 define the meaning of t he 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 of an activity comprising a service. Such sale of business as a w .....

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..... upply 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 CGST Rules, 2017, in case any registered person is having any exempted supplies, then ITC pertainin .....

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