Save Rs 588 on a 2-Year Ad-Free CAclubindia Pro Membership. Subscribe Now!

Gst in case of transfer of stock to partner

Save Share

This query is : Resolved

Rahul (Querist)
Follow

24 July 2019 Respected sir,
We are partnership firm registered under GST in composition levy, our gst number was cancelled in june-2019 then we dissolve partnership and stock of firm transferred to partner. now that partner take new gst registration in composition. now my question is that what will be gst liability to partnership firm and what will be gst liability for partner?? whether firm will be liable to pay gst on transfer of stock to partner??

Shashikant Varshney

Shashikant Varshney (Expert)
Follow

25 July 2019 In your case for GST this transaction is consider as supply of goods. The Partnership firm need to pay the tax on the sale. Subsequently, partner will take credit if it take the GST under normal scenario (Not for Composite Dealer).

Message likes : 1 times

Rahul

Rahul (Querist)
Follow

26 July 2019 100% agreed with you sir.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now