The Karnataka Authority for Advance Ruling (AAR) has held that the transfer or sale of one of the independently running business divisions attracts 18% GST.
The two-member bench ofM.P. Ravi Prasad and Kiran T. Reddy has observed that the transaction of transfer or sale of one of the independent running business divisions as a whole, along with all the assets and liabilities of the independent business division on a going concern basis, constitutes a transaction of “supply” under Section 7 of the CGST Acts.
Source a2ztaxcorp
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