The Karnataka bench of the Authority for Advance Rulings (AAR) held in a recent ruling that sale of a business vertical as a ‘going concern’ will not attract the goods and services tax (GST), provided the conditions are met. This is because a notification dated June 28, 2017 specifically prescribes that “services by way of transfer of a going concern, as a whole or an independent part thereof, attracts nil rate of GST”.
Source a2ztaxcorp
