Q. 345 In case of death of a Proprietor (father ) , the son formed a new entity & took over all the Business Assets & Liabilities . ITC too was transferred through ITC -02 . Whether transfer of whole business would be considered as Supply under schedule II or under any provisions ?

Ans. As per our opinion transfer of whole business as a going concern is to be considered as supply of service under GST and the same is exempt as per the Notification No. 12/2017 of Central Tax (Rate) (Sr. No.-2).