https://www.taxtmi.com/forum/issue?id=116588 The transfer of business assets on which input tax credit was claimed is generally a supply subject to GST, but where assets are transferred as part of a business transferred as a going concern, the transaction is exempt; conversion of a proprietorship into a partnership that results in the original taxable person ceasing to exist may qualify for this exemption, and advance rulings show that fact and documentary evidence and prescribed procedures for transferring unutilized input tax credit are material. en-us Thu, 30 Jul 2020 10:44:49 +0530 Thu, 23 Jan 2025 15:54:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=116588 The transfer of business assets on which input tax credit was claimed is generally a supply subject to GST, but where assets are transferred as part of a business transferred as a going concern, the transaction is exempt; conversion of a proprietorship into a partnership that results in the original taxable person ceasing to exist may qualify for this exemption, and advance rulings show that fact and documentary evidence and prescribed procedures for transferring unutilized input tax credit are material. Discussion-Forum GST Thu, 30 Jul 2020 10:44:49 +0530 https://www.taxtmi.com/forum/issue?id=116588