Home Case Index All Cases GST GST + AAR GST - 2019 (4) TMI AAR This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (4) TMI 1499 - AAR - GSTLevy of GST - “Business Transfer Agreement” as a going concern on slump sale basis - serial no. 2 of the Notification No. 12/2017-CentraI Tax (Rate) dated 28.06.2017 - HELD THAT:- On perusal of serial no. 2 of the said notification, it is found that the services by way of transfer of a going concern, as a whole or an independent part thereof is to be treated as supply of service and covered under chapter 99 of the Service Code (Tariff) and is exempted from GST. The applicant is carrying on the business of manufacturing of textile yarns, fabrics and garments across India and one of them is situated at B-8, Phase-I, SIDCUL Industrial Park, Sitarganj, Udham Singh Nagar, Uttrakhand and on perusal of the agreement, it is found that the applicant has intends to sale the ongoing Sitarganj business along with its all assets & liabilities and the said Sitarganj business is live/operating. The purchaser has purchased the Sitarganj business to carry on the same kind of business. Further as on date it is found that there is no series of immediately consecutive transfers of the said business. The applicant has supplied services by way of transfer of Sitarganj Business as a going concern, and as per serial no. 2 of the Notification No. 12/2017-Central Tax (Rate) dated 28.06.2017, the same is exempted from levy of GST as on date.
|