Supply without consideration: permanent transfer of business assets with input tax credit treated as supply, subject to exemption rules. Para 1 of Schedule I read with section 7(1)(c) deems permanent transfer or disposal of business assets where input tax credit has been availed to be supply; permanence, transfer of ownership and asset classification matter. Such transfers without consideration attract GST only to the extent ITC was claimed, with valuation and ITC consequences guided by section 18(6), rule 40 and section 15. Transfer of a business as a going concern is excluded from supply and may be an exempt transaction, and ITC attributable to exempt supplies must be proportionately reversed under the ITC reversal rules.