TRANSFER OF PROPERTERSHIP INTO PARTNERSHIP

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NIRMAL DAVE (Querist)
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20 November 2021 Dear All,

What are the GST implication on transfer of business from proprietorship into partnership firm?

Is GST payable on Stock or other assets transferred in such a case?

Thanks & Regards
Nirmal Dave

CA Altamush Zafar

CA Altamush Zafar (Expert)
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20 November 2021 If it is a complete transfer of business then it should be supporting by an agreement of transfer of business. There is no GST on complete transfer. If complete transfer is not doe then GST will be applicable.
On complete transfer of business ITC in portal can also be transferred to new GSTIN through ITC-02

NIRMAL DAVE

NIRMAL DAVE (Querist)
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21 November 2021 Thank You for your valuable reply.

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