AAR: Profit Sharing Agreement between applicant as an employee and shareholders, an ‘actionable claim’, not taxable

Jul 16,2019

Tamil Nadu AAR holds that Profit-Sharing Agreement (PSA) between the applicant, employed in Star Health and Allied Insurance Co. Ltd.  (SHA) as Chairman and Managing Director and the shareholders is not liable to GST; Notes that PSA gives applicant a claim to beneficial interest in the profits where at least 51% of paid-up Equity Share capital of the Company is sold at a price not less than Rs. 75 or an IPO where the mid-point of the price band as per the red-herring pro...

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