ok..there it is mentioned where input tax credit has been availed... now ITC as defined in section 2(63) is credit of input tax. as per section 2(62) input tax is CGST/SGST/IGST. If that is the case how can the credit of VAT be considered as ITC for the purpose of GST
If we go as per strict interpretation, you are right but here intention is if any tax credit is taken earlier, it is taxable. If we consider your view, still it is taxable as sale of business asset fall in definition of supply and tax be levied on transaction value.
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