Amendment status not verified — confirm the current text below against the official source.
Transfer of business assets (a) where goods forming part of the assets of a business are transferred or disposed of by or under the directions of the person carrying on the business so as no longer to form part of those assets, whether not for a consideration, such transfer or disposal is a supply of goods by the person; 546 (b) where, by or under the direction of a person carrying on a business, goods held or used for the purpose of the business are put to any private use or are used, or made available to any person for use, for any purpose other than a purpose of the business, wether or not for a consideration, the usage or making available of such goods is a supply of services; (c) where any person ceases to be a taxable person, any goods forming part of the assets of any business carried on by him shall be deemed to be supplied by him in the course or furtherance of him business immediately before he ceases to be a taxable person, unless— (I) the business is transferred as a goingto another person; or (ii) the business is carried on by a personal representative who is deemed to be a taxable person. S. Supply of services The following shall be treated as supply of services, namely:- (a) renting of immovable property; (b) construction of a complex, building, civil structure or a part thereof, including a complex or building intended for sale to a buyer, wholly or partly, except where the entire consideration has been received after issuance of completion certificate, where required, by the competent authority or after its first occupation, whichever is earlier. Explanation.- For the purposes of this clause- (1) The expression "competent authority" means the Government or any authority authorised to issue completion certificate under any law for the time being in force and in case of non-requirement of such certificate from such authority, from any of the following, namely:- (I) an architect registered with the Council of Architecture constituted underthe Architects Act,1972; or (ii) a chartered engineer registered with the Institution of Engineers (India); or 547 a licensed surveyor of the respective local body of the city or town or village or development or planning authority; (2) the expression "construction includes additions, alterations, replacements, replacements or remodeling of any existing civil structure; (c) temporary transfer or permitting the use or enjoyment of any intellectual property right; (d) development, design, programming, customization, adaptation, up gradation, enhancement, implementation of information technology software; (e) agreeing to the obligation to refrain from an act, or to tolerate an actor a situation, orto do an act; and (f) transfer of the right to use any goods for any purpose (whether or not for a specified period) for cash, deferred payment or other valuable consideration.