we r four brothers engaged in same type of business with different trade names. Now we are thinking to form a partnership firm and transfer all the stocks and assets as on appointed day to partnership firm. so my query is that Will GST is applicable on such transfer.
will GST is applicable on Rent given to the partners on their assets ?
2 Replies
Sarthak Mittal
(TAX ADVOCATE)
(90 Points)
Replied 02 July 2017
If turnover is more than ₹20 lakh then you have to pay gst
mukund
(manager)
(481 Points)
Replied 02 July 2017
Sir, turnover is above 20 lac.but I want to ask that such transfer is liable for GST
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