Case Law Details
In re Cosmic Ferro Alloys Limited (GST AAR West Bengal)
Questions Raised
Whether transfer of an unit by the applicant with all the assets including taking over all the liabilities by the purchaser for a lump sum consideration would amount as supply of goods or supply of services and whether the transaction would be covered under Entry No. 2 of the Notification No.12/2017-Central Tax (Rate) dated 28.06.2017.
(i) The transaction of transfer of business unit of the applicant involved in the instant shall be treated as a supply of services.
(ii) The transaction would be covered under Entry No. 2 of the Notification No. 12/2017- Central Tax (Rate) dated 28.06.2017 subject to fulfillment of the conditions to qualify as a going concern.
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