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of <h1>Transfer of Business Assets Without Consideration Under GST: Section 7(1)(c) and Schedule I Explained</h1> Supply without consideration is deemed a supply under GST as per Section 7(1)(c) and Schedule I of the CGST Act. This includes the permanent transfer or disposal of business assets where input tax credit (ITC) has been availed. Such transfers attract GST unless the entire business is transferred as a going concern, which is exempt. The definition of a going concern involves a comprehensive sale of business components, excluding mere transfer of services. The case of Airports Authority India highlights that transferring a business as a going concern without consideration is an exempt supply, requiring proportionate reversal of ITC.
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