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TMI Blog2020 (4) TMI 67X X X X Extracts X X X X X X X X Extracts X X X X ..... atures necessary to keep it in operation. Thus Transfer of a going concern' in a simple way can be describe as transfer of a running business which is capable of being carried on by the purchaser as an independent business. In the present case, the applicant is carrying on the business of constructing residential/commercial complexes and selling thereof and the applicant firm come into existence particularly for the said project. Further on perusal of the sale deed dated 24.10.2019, we find that the applicant has sold the under-construction building, as a whole, situated at village- Manoharpur, Pargana-Jwalapur, District-Hardwar with its all assets and transfer the rights of the same to the buyer including the approved map from the c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d seeking an advance ruling on whether Business Transfer Agreement as a going concern which consists of transferring under-construction project is covered under serial no. 12 of the Notification No. 12/2017-Central Tax (Rate) dated 28.06.2017 (herein after referred to as said notification ) and thus exempted from the applicability of GST. 2. Advance Ruling under GST means a decision provided by the authority or the appellate authority to an applicant on matters or on questions specified in sub section (2) of section 97 or sub section (1) of section 100 in relation to the supply of goods or services or both being undertaken or proposed to be undertaken by the applicant. 3. As per the said subsection (2) of Section 97 of the Act ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e applicant are summarized as under: (i) That the applicant is a partnership firm engaged in the business of constructing residential/ commercial complexes. (ii) That the firm was formed for constructing and selling a residential/ commercial building at village- Manoharpur, Jwalapur, Hardwar. (iii) That the applicant got the map approved from the competent authority. (iv) That the covered area was around 1.25 lakhs sq feet. A total carpet area of 85 thousand sq feet was constructed up to the date of transfer. (v) That M/s. Ronav Infrastructure (buyer) engaged in the same business, approached the applicant to take over this incomplete project to further carry out the business of constructing and selling the said ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ndations of the Council, hereby exempts the intra-State supply of services of description as specified in column (3) of the Table below from so much 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... business has been defined in sub clause 17 of Section 2 of the Act and the same is reproduced as under: Section 2(17) of the Act business includes- (a) any trade, commerce, manufacture, profession, vocation, adventure, wager or any other similar activity, whether or not it is for a pecuniary benefit; (b) any activity or transaction in connection with or incidental or ancillary to sub-clause (a); (c) any activity or transaction in the nature of sub-clause (a), whether or not there is volume, frequency, continuity or regularity of such transaction; (d) supply or acquisition of goods including capital goods and services in connection with commencement or closure of business; (e) provision by a club, asso ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... siness as a going concern are as under: a. The assets must be sold as part of a 'business' as a 'going concern' b. The purchaser intends to use the assets to carry on the same kind of business as the seller c. Where only part of a business is sold it must be capable of separate operation e. There must not be a series of immediately consecutive transfers 7.6 From the record we find that the applicant is carrying on the business of constructing residential/commercial complexes and selling thereof and the applicant firm come into existence particularly for the said project. Further on perusal of the sale deed dated 24.10.2019, we find that the applicant has sold the under-construction building, as a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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