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Transfer of business as a going concern would qualify as supply

Input Tax Credit — the applicant, seeking an advance ruling in respect of the following questions.

i. Whether applicant’s direction to the seller (directed in agreement dated 21 June 2018) for direct transfer of BP business to MSPL and PM business to MPMPL, respectively would qualify as a ‘supply between the applicant’ and ‘MSP14’MPMPL’?

ii. If the answer to the above question is ‘affirmative’ then as the parties are related, even in absence of the actual consideration does the applicant have to attribute a notional consideration and charge GST in line with schedule 1 of GST Act to be compliant?

iii. If the answer to both the questions are ‘affirmative’ then as the recipients (MSPL/MPMPL) are eligible to avail full input tax credit then the notional consideration (percentage of the business transfer value) would be only academic and will the invoice value be considered as open market value?

Ruling—
In respect of question no. 1 Answered in the affirmative.
In respect of question no. 2, The value is to be determined as per Rule 28 of the CGST Rules, 2017Merck Life Science Private Limited [2018] 5 TAXLOK.COM 025 (AAR-MAHARASHTRA)