AAR : Transfer of business as 'going concern' exempt from GST; Relies on internationally accepted HMRC guidelines

Uttarakhand AAR holds that applicant’s transfer of Sitarganj business of textile yarns, fabrics and garments shall be treated as ‘Going concern’ on slump sale basis, exempted from GST in terms of Sr. No 2 of Notification No 12/2017 Central Tax (rate) dated June 28,2017; Notes that as per Sr.No  2 of Notification No 12/2017, services by way of transfer of going concern, as a whole or an independent part thereof is to be treated as supply of service and covered under...