Going concern transfer exempt from GST; unutilised ITC transferable only where liabilities transfer and conditions met.
Transfer of a business as a going concern is exempt from GST if conditions are met, whereas asset-wise disposals are taxable as deemed supplies. Transfer of unutilised ITC on sale, merger, demerger or amalgamation is permitted only under Section 18(3) read with Rule 41 where liabilities are transferred; procedural compliance requires FORM GST ITC-02, a practising accountant's certificate and, for demergers, apportionment of ITC by asset-value ratio as on the appointed date. (AI Summary)