Conversion from partnership to proprietor

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This discussion outlines the process for converting a GST-registered composite scheme partnership firm to a sole proprietorship. Key steps involve dissolving the partnership, surrendering the existing GST registration, and applying for a new GSTIN under the proprietor's PAN. Additionally, input tax credit (ITC) on closing stock as of the conversion date needs to be reversed according to GST regulations.

Kollipara Sundaraiah

Kollipara Sundaraiah (Querist)

04 March 2020 A gst registered composite scheme partnership firm conversation 01.04.2020
changed from partnership to proprietor allowed in gst act.

Question:
1. Producure of change from partnership firm to proprietor.
2. Producure of Closing stock value amount treated as on 31.03.2020 in gst act.

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)

05 March 2020 1. Since GST is PAN based, change of status requires new GSTIN in the name of properietor.
2. Inputs held in stock needs to be reversed.

Spurto Consultancy Services

Spurto Consultancy Services (Expert)

05 March 2020 1. Execute a deed of Dissolution of Partnership and surrender your GST regsitration.
2. Apply for fresh GST registration under the proprietor's PAN
3. Reverse the ITC claimed on the Closing Stock of the PFAS.

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