Conversion of partnership from into private limited

Radhesh joshi (.) (32 Points)

11 November 2024  
One of the partnership firm wants to convert the firm into a private limited company. However, both existing partners will become directors in the private limited company, maintaining the same share ratio and ownership as in the partnership. No new directors will be appointed, and no existing partners will exit. In this context, what is the applicability of GST on the stock transfer? Will there be any liability for the partnership firm to pay GST? Additionally, could you please explain the income tax implications of this transition