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of <h1>Transfer of Business Under Section 85: Joint Liability for Unpaid GST, Interest, and Penalties Applies to Both Parties.</h1> Under Section 85 of the Central Goods and Services Tax Act, 2017, when a taxable person transfers their business, either wholly or partially, through sale, gift, lease, or other means, both the transferor and transferee are jointly and severally liable for any unpaid taxes, interest, or penalties up to the time of transfer. This liability applies whether the amounts were determined before or after the transfer. Additionally, the transferee must pay taxes on goods or services supplied from the transfer date and, if registered under the Act, must amend their registration certificate within the prescribed timeframe.
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