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TMI BlogTransfer of Business as a Going ConcernX X X X Extracts X X X X X X X X Extracts X X X X ..... 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 receiv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e such stock??? - Reply By YAGAY and SUN - The Reply = Sale of 'going concern' exempt from GST: AAR Sale of a going concern by a business house will not attract GST, as per an order by the AAR. The Karnataka bench of the AAR gave its ruling based on an application filed by Rajashri Foods Pvt Ltd which wanted to sell one of its units along with fixed and current assets as well as liabil ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ities, including bank loans, for a lump sum consideration. The AAR said that as per a government notification, any transfer of a going constitutes a 'supply of service' and 'nil' tax rate will apply on it. A going concern is a concept of accounting and applies to the business of the company as a whole. Transfer of a going concern means transfer of a running business which is capabl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e of being carried on by the purchaser as an independent business. - Transfer of Business as a Going Concern - Query Started By: - Shreyansh Agrawal Dated:- 30-5-2018 Goods and Services Tax - GST - Got 1 Reply - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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