my client having business of manufacturing of copper bottle under partnership. he wants to close the same under partnership and wants to continue the same under proprietorship. what actions shall I take? please guide me
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Quick Summary
This discussion outlines the steps for a client to transition their copper bottle manufacturing business from a partnership to a proprietorship while registered under GST. Key actions include obtaining a new GST registration for the proprietorship, transferring the business with any existing GST liabilities (referencing Notification 12/2017 CT (r)), and filing ITC-02 to transfer any credit balance from the partnership's ledger. The partnership's GST registration should be cancelled citing 'change in constitution' and noting the new proprietorship's GSTN.
Need obtain Registration under Proprietary firm & then can transfer the business from partnership to Proprietary firm (With any GST Liability , refer Notification 12/2017 CT (r))
Note : While Registration process of proprietary firm provide the GSTN of partnership firm (to transfer business). & while cancellation of Partnership firm provide the reason of cancellation "change in constitution" & mentioned therein the GSTN of Proprietary firm.
Any credit lying in Partnership firm credit ledger can also be transfer to propritory firm by filing ITC 02