TRANSFER OF PROPERTERSHIP INTO PARTNERSHIP
This query is : Open
20 November 2021
Dear All,
What are the GST implication on transfer of business from proprietorship into partnership firm?
Is GST payable on Stock or other assets transferred in such a case?
Thanks & Regards
Nirmal Dave
What are the GST implication on transfer of business from proprietorship into partnership firm?
Is GST payable on Stock or other assets transferred in such a case?
Thanks & Regards
Nirmal Dave
20 November 2021
If it is a complete transfer of business then it should be supporting by an agreement of transfer of business. There is no GST on complete transfer. If complete transfer is not doe then GST will be applicable.
On complete transfer of business ITC in portal can also be transferred to new GSTIN through ITC-02
On complete transfer of business ITC in portal can also be transferred to new GSTIN through ITC-02
21 November 2021
Thank You for your valuable reply.
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