In Schedule II the entry at serial number 4 refers to ”Transfer of business assets‟. Transfer of business assets is considered as supply of goods.
Further in part 4(c) of Schedule II it is provided that when the business is transferred as a going concern then it does not amount to supply of goods.
Further the Notification, No. 12/2017- Central Tax (Rate) dated 28th June 2017 provides “Nil‟ rate of tax on such a supply (Services by way of transfer of a going concern, as a whole or an independent part thereof)
In Our Case Taxpayer is engaged in Restaurant Services paying GST@5% with no ITC, the assesse has transferred all its assets & no liabilities (including all the interiors, equipments, Delivery vehicles and Stock in trade) for a consideration, to another person in Operational State,
Q1:- Our Query in this regard is that whether such an transfer will be termed as transfer of going concern as per the provisions of the act,