Permanent transfer or disposal of business assets where ITC HAS been availed is treated under Schedule I as:

1. Schedule I para 1 deems permanent transfer or disposal of business assets a supply even without consideration. 2. The deeming applies ONLY if input tax credit has been availed on those assets. 3. If ITC was never claimed (e.g. assets bought before GST or in non-creditable category), the deeming does not apply. _Source: ICAI BoS CA Final Paper 8, Ch 3 "Levy and Collection of Tax", §Sched I para 1_