https://www.taxtmi.com/caselaws?id=431833 Transfer of a functional and continuing business unit, rather than isolated assets, qualifies as a transfer of a going concern for GST purposes. The independent LoanFront mobile application business, including related software, intellectual property, employees, liabilities and business rights, was intended to move as an operational unit capable of being run by the transferee without interruption. On that basis, the transfer falls within Entry No. 2 of Notification No. 12/2017-Central Tax (Rate), which exempts services by way of transfer of a going concern, including an independent part thereof. The proposed transaction is therefore treated as an exempt supply and no GST is payable. en-us Mon, 12 Dec 2022 00:00:00 +0530 Fri, 11 Apr 2025 13:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431833 Transfer of a functional and continuing business unit, rather than isolated assets, qualifies as a transfer of a going concern for GST purposes. The independent LoanFront mobile application business, including related software, intellectual property, employees, liabilities and business rights, was intended to move as an operational unit capable of being run by the transferee without interruption. On that basis, the transfer falls within Entry No. 2 of Notification No. 12/2017-Central Tax (Rate), which exempts services by way of transfer of a going concern, including an independent part thereof. The proposed transaction is therefore treated as an exempt supply and no GST is payable. Case-Laws GST Mon, 12 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431833