Live Course on Drafting of Appeal and Reply of Penalty Notice by CA Sachin Sinha. Register Now!!

Retirement of partner

04 November 2017

we have one partner in our firm who has retired from 01/04/2017. Retirement Deed is prepared in month of August 2017. We haven't informed till date to GST Dept for.change in Partnership deed.

Is there any penalty from GST dept if we inform this month for change in Partnership firm

please advise

Reply
Follow
Share

12 Replies

Nisha Chauhan (Working) (56 Points)
Replied 04 November 2017

U need to inform change within 15days of such change general penalty cld extend till 25000

Mitul Shah (13 Points)
Replied 04 November 2017

Thank you very much madam.

1) But is there any written penalty in GST Notifications anywhere as per law

2) Is it ok to prepare retiring deed in August month but partners retires from April 1 2017

Nisha Chauhan (Working) (56 Points)
Replied 04 November 2017

10000 penalty for wrong info in reg under gst sec 122 of cgst

Mitul Shah (13 Points)
Replied 04 November 2017

Thank you.

but where is question of wrong information to dept .

GST registration was done during December 2016 where retiring partner was still partner.

This partner made decision this year 2017 to retire.

Only thing we forgot to inform GST dept of change in Constitution or partnership firm

RAJA P M ("Do the Right Thing...!!!") (127417 Points)
Replied 04 November 2017

@ Mr. Mitul Shah.,

Above said reply from Ms. Nisha Chauhan is based on GST rules. So, we ll follow the rules if we are under GST. Otherwise no need follow the rules....

In my view.,

Also you don't be worry for the current scenario. Bcoz, GST system is not ready to any amendments from the date of implement. At the time of August no more options for any changes make in our GSTIN...
Now the situation you ll be make changes and go to Amend your changes in GST Portal with required documents...

1 Like

Mitul Shah (13 Points)
Replied 04 November 2017

Thank you very much sir for all kind cooperation.

RAJA P M ("Do the Right Thing...!!!") (127417 Points)
Replied 04 November 2017

You are welcome Dear Sir..

Mitul Shah (13 Points)
Replied 05 November 2017

@ Mr Raja,
Sir one small information on partnership deed.

My partner had retired from firm on April 1 2017 but we made Retiring Partnership deed in the month of August since all dues were not cleared.

w.e.f 1/4/2017 , We had converted his capital account into loan account, she he was no longer partner.

Is it Fine?