TaxTMI 
TaxTMI 
My Client is registered under GST as Composition Dealer. Now he want to transfer a business to a person who are not yet registered under GST but he will also take registration under GST as a Composition Dealer. My query is that whether the stock will be treated as a Goods or Service and whether my client is required to pay GST on stock and is there is any consequences to other person if he receive such stock???
Transfer of Business as a Going Concern
30 May 2018 
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Going concern transfer as nil-rated supply exempts business transfer from GST under notification, impacting composition dealer transfers.
Transfer of a running business as a sale of a going concern is classified as a supply of service subject to a nil tax rate under the government notification, so such transfers (including unit sale with fixed and current assets and liabilities) will not attract GST; this classification governs transfers involving composition dealers and incoming purchasers who obtain composition registration. (AI Summary)
Transfer of a running business as a sale of a going concern is classified as a supply of service subject to a nil tax rate under the government notification, so such transfers (including unit sale with fixed and current assets and liabilities) will not attract GST; this classification governs transfers involving composition dealers and incoming purchasers who obtain composition registration. (AI Summary)