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CLOSING STOCK WHEN PARTNERSHIP IS CONVERTED TO SOLE PRTOR

This query is : Resolved 

TREATMENT OF CLOSING STOCK WHEN PARTNERSHIP IS CONVERTED TO SOLE PROPRIETORSHIP UNDER TWO DIFFERENT SITUATIONS :

1. WHEN THERE IS EXCESS ITC .

2. WHEN IS THERE NO EXCESS ITC .

ALSO WHETHER PARTNERSHIP FIRM SHOULD CLEAR CLOSING STOCK BY MAKING A SALES BILL TO SOLE PROPRIETORSHIP OR IT CAN TRANSFER IT TO THE SOLE PROPRIETOR ( ONE OF THE PARTNER ) WITHOUT MAKING SALES BILL



The ITC balance may be transferred online to new GSTIN by using ITC forms given on portal.


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