https://www.taxtmi.com/manuals?id=1902 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. en-us Fri, 13 Jan 2023 12:20:00 +0530 Sat, 26 Oct 2024 12:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/manuals?id=1902 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. Manuals GST Fri, 13 Jan 2023 12:20:00 +0530 https://www.taxtmi.com/manuals?id=1902