Held - Since, there is no concept of definition of slump sale provided in the GST Act, we refrain from answering the question as to whether the sale in question would be classified as 'slump sale'. However, we feel that the transaction in question would fall under transfer of a business, which has tax implications in GST. We find that in GST Services by way of transfer of a going concern, as a whole or an independe.....

Held: we find that the Airport or its activities are not transferred to the concessionaire. Though for a limited period, the project shall be jointly run by the applicant and the concessionaire. The employees of the applicant are not transferred to the concessionaire, but select employees alone will be posted to the Airport by the applicant. The employees still belong to the applicant and the liability for paying t.....

Held - It could be inferred from Section 7 (1) (a) of the CGST Act 2017, that for any activity to qualify as supply under the said Act it should satisfy three limbs/parts i.e. (i) the activity must be a form of supply of goods or services or both, made or agreed to be made; (ii) for a consideration by a person (iii) in the course or furtherance of business. Now we proceed to examine whether the impugned activity  satisfies the aforesaid t.....

Held - To qualify as a ‘going concern’, the business must not have ‘intention or necessity of liquidation or of curtailing materially the scale of the operations’. In this context, we like to mention that the applicant has furnished before us copy of ‘Audit report under section 44AB of the Income-tax Act, 1961’ related to the period from 01.04.2020 to 31.03.2021. However, we do not find any comments from the auditor in respect of t.....

Held - We further note that Schedule II (4) CGST Act stipulates whether the transactions with respect to 'Transfer of Business Assets' to be treated as supply of Goods or supply of services. Having gone through the subject Contract, we find the subject business arrangement is 'transfer of going concern'. As such, we find no merit to vivisect the subject Contract and examine the treatment of aeronautical assets/ non aeronautical assets/ other b.....

Held - To qualify as a ‘going concern’, the business must not have ‘intention or necessity of liquidation or of curtailing materially the scale of the operations’. In this context, we like to mention that the applicant has not furnished any documentary evidences from the auditor with regard to the ‘entity's ability to continue in operation for the foreseeable future‟ in absence of which we are unable to conclude that the applicant .....