The going-concern exemption test that keeps a business transfer out of GST altogether, and the ITC-02 mechanism that moves unutilised credit from the transferor to the transferee when it applies.
Entity: ___ · GSTIN: ___ · Financial year ended: ___
Transfer of a business as a going concern (the whole business, or an independent part of it, capable of being run on its own) is exempt from GST — it is neither a supply of goods nor of services for this purpose. The test is substantive, not just documentary: the transferee must be capable of carrying on the SAME business with the transferred assets/liabilities/employees/contracts, not merely acquiring a bundle of assets. Confirm the transfer genuinely includes the operational elements (not just fixed assets) needed to run the business.
This template follows the format published by the Institute of Chartered Accountants of India (ICAI) in the AASB Audit Working Paper Templates (June 2023), the authoritative reference for Indian statutory-audit documentation. Fill in your firm’s letterhead and the engagement details on the form above, click Download Word file, and you’ll get a fully formatted .docx ready to use.
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