Transfer of Business as a going concern exempt from levy of GST: AAR

In re Innovative Textile Ltd. (GST AAR Uttarakhand) Whether business transfer agreement as a going concerned on slump sale basis is exempted from the levy of GST in terms of sl. no. 2 of the notification no. 12/2017 central tax (Rate) dated 28-06-2017? From the record we find that the applicant is carrying on the business of manufacturing of textile yarns, fabrics and garments across India and one of them is situated at B-8, Phase-I, SIDCUL Industrial Park, Sitarganj, Udham Singh Nagar, Uttrakhand and on perusal of the agreement, we find that the applicant has intends to sale the ongoing Sitar...