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Stock transfer from one firm to another

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Querist : Anonymous

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Querist : Anonymous (Querist)
26 April 2018 Dear experts,

A proprietorship firm registered under composition scheme in GST wants to transfer all its stock to another sole proprietorship concern which is newly registered in GST under composition scheme.
After stock transfer the old/existing proprietorship concern (composition) will be cancelled.
Now my question is:

1. Whether stock transfer from one composition firm to another is possible?
2. If yes how will it take place whether by sale?
3. what will be the tax implication from GST point of view?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
26 April 2018 1 Yes possible.
2 Treat it as sale and pay GST 1%.
3 1% GST applicable under composition scheme.
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