Sale of 'going concern' exempt from GST: AAR (Karnataka)

Sale of a going concern by a business house will not attract Goods and Services Tax ( GST ), as per an order by the  Authority for Advance Ruling (AAR).  The  Karnataka bench of the AAR gave its ruling based on an application filed by  Rajashri Foods Pvt Ltd which wanted to sell one of its units along with fixed and current assets as well as liabilities, including bank loans, f…