GST on Dissolution of Firm

This query is : Resolved

CMA Omkar.TIlve (Querist)
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22 May 2020 Hi,
Three partners started a firm to start a gym center in Nov 2019. Invested an amount of upto 1.2 cr. (most of it was taken as a loan taken on the name of firm). Due to one current situation two partner wants to exit, while the third one want to continue as proprietary business.
Q1: What happens to GST on capital goods (unclaimed credit) and related procedure
Q2: What about the loan taken on the name of firm

c.bakshi

c.bakshi (Expert)
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23 May 2020 for GST purposes, transfer the business into partnership, cancel the gst regd of partnership firm and claim the rest of the credit.
ask the banker to transfer the loan from firm to properitorship and then after setting off all the assets and liabilities wind up the firm

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