Hi everyone...
Opening stock as per last audited balance sheet is 130000. sales as per gst return for the FY 19-20 is around 105000 and purchases is 980970. And there is around 130000 stock. But its partnership firm and its been closed.
1. So what should be done? Should they clear stock in hand inorder to cancel Gst registration and inorder to close partnership firm.
2. Partnership firm is consisting of 2 member. One partner is going and firm is closing. And the another partner is continuing business as sole propriter in the same name. So my question is stock in hand in the name of firm can transfer to proprietary business??
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Gst closure of partnership fir.
Replies (5)
In case of any changes to the legal name of a business, the GST registration certificate need not be cancelled. The existing GST registration can be amended to reflect the new business name. Changes to business name can be updated on the GST portal by filing FORM GST REG-14 within 15 days of change o
We don't agree with anil sir. Because of GST number of partnership has to be cancelled and obtain new registration for proprietorship on that person PAN. for purpose of transferring ITC section 18 is applied. Sorry, Please, correct me if i am wrong.
@ Rajkumar Patel sir, there is no itc right now. Only stock remains. And in audited balance sheet of 18-19, there more stock than actual. So what should be done?
Don't qualify in excess of stock
Yes I agree with Rajkumar Sir, GST Registration is PAN based. So he has to cancell the GST of partnership and want to take Néw registration for propertiorship... Closing Stock can be Transferd to new business according to clause 4(c) of schedule II.
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