AAR : ‘Merger of firm with Company’ not ’Supply’, un-utilized ITC balance transferrable

Haryana AAR holds that the applicant on merger of its proprietorship firm as a going concern with a private limited company is not liable to pay tax on the fixed/current asset including stocks of raw material, semi-finished and finished goods; Finds force in applicant’s plea that in terms of Para 4(c) of Schedule II to CGST/HGST Act 2017, transfer of business as a ‘going concern’ is not treated as 'supply', thus the same stands excluded from the scope of supply of goods...