Supply by way of transfer of a going concern, as a whole or an independent part thereof—The Applicant having three manufacturing units situated at Ramanagara, Hiriyur and Bengaluru [Seshadripuram], intends to sell the unit situated at Hiriyur along with all its fixed assets namely land, building, plant & machinery etc., current assets namely stock & trade receivables etc., and liabilities namely Bank term loans, bank working capital loans, creditors for supplies etc., for a lump sum consideration.
Advance Ruling—The transaction of transfer of business as a whole of one of the units of the Applicant in the nature of a going concern amounts to supply of service. The transaction of transfer of one of the units of the Applicant as a going concern is covered under SI. No. 2 of the Notification No. 12/2017-Central Tax (Rate) dated 28.06.2017 subject to the condition that the unit is a going concern.  [2018] 2 TAXLOK.COM 066 (AAR-Karnataka)