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GST – Gujarat AAR - Sale of Specific Unit of Construction Site, Slump Sale, Transfer of Business as Going Concern, Classification under GST – Applicant was allotted tender floated by Surat Municipal Corporation (SMC) to redevelop the Public Housing Scheme. The free sale land (Parcel C) was leased to the applicant for 99 years - Applicant seeks to transfer its rights over Parcel C by way of a slump sale to another entity – Classification of sale of the specific construction site (all Assets & Liability pertaining to that Project) as a "Slump Sale" – Whether the supply made as "Going Concern" by way of "Slump Sale" will be classified under SAC 997119 - HELD - The concept of "Slump Sale" is not explicitly defined in the GST law. Since there is no concept or definition of slump sale provided in the GST Act, the Authority refrain from answering the question as to whether the sale in question would be classified as ‘slump sale’. However, the transaction in question would fall under transfer of a business, which has tax implications in GST - the applicant intends to transfer his specific unit of construction site as a going concern along with all assets and liabilities. The Notification No. 12/2017-Central Tax (Rate) dated 28th June 2017, exempts transfer of a going concern, as a whole or an independent part thereof. Therefore, the transfer of Specific Unit of Construction Site, along with all assets and liabilities pertaining to the project, would be exempt in terms of Notification No. 12/2017- Central Tax (Rate) dated 28th June 2017 – Ordered accordingly - Classification of the supply made as “Going Concern” by way of “Slump Sale” - Whether the Supply made as “Going Concern” by way of “Slump Sale” will be classified under SAC 997119 – HELD – The supply by way of a transfer of a “going concern” would fall under SAC 9971 19, which attracts GST of 18%. However, in view of Notification No. 12/2017- Central Tax (Rate) dated 28th June 2017, the said supply is exempt from GST.
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