Mr. Manubhai and Mr. Anubhai are two brothers running a business of supplying lubricants located in the State of Gujarat in their company, M/s. Ambani Lubricants (P) Ltd. On death of their respected father, the two brothers have divided their business. However, they have signed an agreement that Mr. Anubhai will not enter into business of supplying lubricants similar to business done by M/s. Ambani Lubricants (P) Ltd. run by Mr. Manubhai, for which Mr. Manubhai will pay him ` 2.5 crores as a lump sum payment.
State whether transaction entered through the above agreement constitutes supply under CGST Act, 2017 or not.
(a) Yes, supply of goods by Mr. Manubhai.
(b) Yes, supply of goods by Mr. Anubhai.
(c) Yes, supply of services by Mr. Manubhai.
(d) Yes, supply of services by Mr. Anubhai
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