Gst in case of transfer of stock to partner
This query is : Resolved
24 July 2019
Respected sir,
We are partnership firm registered under GST in composition levy, our gst number was cancelled in june-2019 then we dissolve partnership and stock of firm transferred to partner. now that partner take new gst registration in composition. now my question is that what will be gst liability to partnership firm and what will be gst liability for partner?? whether firm will be liable to pay gst on transfer of stock to partner??
We are partnership firm registered under GST in composition levy, our gst number was cancelled in june-2019 then we dissolve partnership and stock of firm transferred to partner. now that partner take new gst registration in composition. now my question is that what will be gst liability to partnership firm and what will be gst liability for partner?? whether firm will be liable to pay gst on transfer of stock to partner??
25 July 2019
In your case for GST this transaction is consider as supply of goods. The Partnership firm need to pay the tax on the sale. Subsequently, partner will take credit if it take the GST under normal scenario (Not for Composite Dealer).
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