Dissolve of partnership & start proprietory - gst impact

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Ranjit Karmakar

127 Points Joined June 2017

We are having a Partnership Firm and engaged in trading business and registered with GST, Now on 31/03/2018 the firm will be dissolved and due to remaining one partner it is become proprietory Firm,

Now my question is

1. The existing GST no shall be cancelled and apply for a new GST registration No. under Proprietory Firm ???

2. When the dissolution deed will be made/pass on 31/03/2018 or 02/04/2018 on judicial stamp paper, the value of stamp paper???

Please guide me, thanks

Replies (4)

GST is also levied on Permanent transfer or disposal of business assets where input tax credit has been availed on such assets.

Further, as GST registration is base on you PAN number and when the status of your business changes from partnership firm to sole proprietorship your PAN will change, so you have to opt for fresh registration under GST and cancel that existing one

Manas Das

1431 Points Joined June 2017

You can convert partnership to private limited in thst case there won't be any GST on asset transfer

Ranjit Karmakar

127 Points Joined June 2017

Sir thanks for reply, what will be the date of dissolution deed of partner - 02/04/18 is ok ??

Sanjeev Saini

Manager

45 Points Joined April 2010

Sir,, A Partnership having two partners (A+B) and willful dissolution occurs and both want to run business separately, B Agrees to receive machinery as result dissolution in lieu of capital invested , now my question that is GST applicable of such transaction occur due to dissolution means if B agree to keep Machinery in lieu of capital invested........... is that machinery given to B is liable for GST or not,,please update with applicable section.