The application filed by the applicant seeking advance ruling is disposed as withdrawn.
Withdrawal of Advance Ruling application- In the instant case, the applicant is a partnership firm acting as clearing and forwarding (C&F) agents and distributors for Pharma products and other business. They have sought Advance Ruling to clarify
whether the good will paid to the partners at the time of retirement is liable to be taxed under GST Act.
Held that- The issue on the applicability of GST on the 'Goodwill' extended by the applicant to the retiring partners can be arrived at only after analyzing the details as to how the goodwill was arrived at and the related accounts which have not been furnished by the applicant. The applicant for the reasons that their consultants are not available has requested for withdrawal of the application. In this scenario, we find that the withdrawal is to be permitted as the issue cannot be decided based on the submissions made by the applicant.