CLOSING STOCK WHEN PARTNERSHIP IS CONVERTED TO SOLE PRTOR
This query is : Resolved
26 February 2020
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
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
28 February 2020
The ITC balance may be transferred online to new GSTIN by using ITC forms given on portal.
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