want to change proprietorship to partnership
Pritam Dasgupta (49 Points)
27 January 2018
I want to change my business proprietorship to partnership, so what is the procedure.?
Pritam Dasgupta (49 Points)
27 January 2018
RAJA P M
("Do the Right Thing...!!!")
(128029 Points)
Replied 27 January 2018
Divakar
(Student CA Final )
(11857 Points)
Replied 28 January 2018
Sujit Kumar Gupta
(Accountant)
(45 Points)
Replied 28 January 2018
OK Sir
I taken GST number for partnership firm so let me kbow how can surrender propritorship GSTIN and and how to show closing stock of proprietership business ?
saurabh goel
(haryana)
(7 Points)
Replied 12 October 2019
Issue: GST Impact: Change in Constitution of business From Partnership to Proprietorship or vice versa
Solution : Following case can be possible
Case 1: Person don't want to change the business
Sol: Then the person no need to take fresh registration of proprietorship. Only amend the existing GST into proprietorship. And as per sub clause c of Clause 4 of schedule II of section 7 of CGST Act,2017, If business is going concern then it is not deemed as transfer of assets of business. Hence No outward GST Liability. So, Person should avoid to take fresh registration unless there is actually change in Business.
Case 2: Person who want to change the business
Sol: Then the person take fresh registration. Then it is treated as transfer as per section 7. Then seller pay GST outward liability. Buyer will take ITC of that.
Thanks,
CA. Sourabh
M.NO. 8708366802
If any doubt remains, then feel free to contact.
Divakar
(Student CA Final )
(11857 Points)
Replied 12 October 2019
Nagendra Reddy Seethi
(6 Points)
Replied 05 September 2020
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