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TMI Blog2019 (4) TMI 1499X X X X Extracts X X X X X X X X Extracts X X X X ..... ituated 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. - AAR ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Act advance ruling can be sought by an applicant in respect of : (a) Classification of any goods or services or both (b) Applicability of a notification issued under the provisions of this Act, (c) Determination of time and value of supply of goods or services or both, (d) Admissibility of input tax credit of tax paid or deemed to have been paid (e) Determination of the liability to pay tax on any goods or services or both (f) Whether the applicant is required to be registered (g) Whether any particular thing done by the applicant with respect to any goods or services or both amounts to or results in a supply of goods or services or both within the meaning of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er ), in the form of business transfer as a going concern on slump sale basis as a whole with all assests and liabilities. The purchaser has agreed to purchase Sitarganj Business as a going concern with all assests and liabilities on slump sale basis on the terms and conditions as set out in the Business Transfer Agreement. (iii) Subject to the terms and conditions of the agreement, the purchaser agrees to purchase from the seller and the seller agrees to sell, transfer, convey and deliver to the purchaser all the rights, title and interest of the seller in the Sitarganj business free of all encumbrances on the transfer date with effect from the cut off date as a going concern on slump sale basis. (iv) The seller s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ch of the central tax leviable thereon under sub-section (1) of section 9 of the said Act, as is in excess of the said tax calculated at the rate as specified in the corresponding entry in column (4) of the said Table, unless specified otherwise, subject to the relevant conditions as specified in the corresponding entry in column (5) of the said Table, namely:- Sl.No. Chapter, Section, Heading, Group or Service Code (Tariff) Description of Services Rate (per cent.) Condition (1) (2) (3) (4) (5) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rk, Sitarganj e. Transfer means the completion of each and all the steps required for transfer of Sitarganj Business from the seller to the purchaser in a running state and as a going concern on slump sale basis with all assets and f. The seller shall hand over the physical possession and the transfer will get completed on the registry of land; g. The parties shall take all steps and measures required to the end and intent that the purchaser shall become the full and undisputed owner of the business; h. In respect of Sitarganj facility and any immovable assets forming part of the Sitarganj business, seller shall execute a general power of attorney on - in favour of the purcha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hich they are engaged as public authorities; 7.5 From the above definition of the business we find that the acquisition of goods/services for commencement of is covered under the said definition. We observe that a transfer of a as a going concern is the sale of a business including assets. In terms of financial transaction going concern has the meaning that at the point in time to which the description applies, the business is live or operating and has all parts and features necessary to keep it in operation. We further find that internationally accepted guidelines (applicable to the case in hand) issued by His Majesty s Revenue Customs (HRMC) to treat transfer of business as a going concern are as under: a. The ..... X X X X Extracts X X X X X X X X Extracts X X X X
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