Amendment status not verified — confirm the current text below against the official source.
Transfer of business assets (a) where goods forming part of the assets of a business are transferred or disposed of by or under the directions of the person carrying on the business so as no longer to form part of those assets, [whether or not for a consideration,]307 such transfer or disposal is a supply of goods by the person; (b) where, by or under the direction of a person carrying on a business, goods held or used for the purposes of the business are put to any private use or are used, or made available to any person for use, for any purpose other than a purpose of the business, [whether or not for a consideration,]308 the usage or making available of such goods is a supply of services; 306 Inserted w.e.f. 01.07.2017 vide RGST Amendment Act, 2018. 307 Omitted vide RGST Amendment Ordinance, 2020 dated 01.07.2020. 308 Omitted vide RGST Amendment Ordinance, 2020 dated 01.07.2020. Page 213 of 217 (c) where any person ceases to be a taxable person, any goods forming part of the assets of any business carried on by him shall be deemed to be supplied by him in the course or furtherance of his business immediately before he ceases to be a taxable person, unless- (i) the business is transferred as a going concern to another person; or (ii) the business is carried on by a personal representative who is deemed to be a taxable person.