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GST Doubt on Partnership Firms

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Subin Mathew

32 Points Posted on 17 August 2020

What are the GST implications if a partner is bringing his personal jewellery into his jewellery business?

Replies (3)

Quick Summary

This discussion clarifies GST implications for partnership firms when a partner contributes personal jewellery as capital. It states there are generally no GST implications on introducing capital, whether in cash or kind, as it's not considered a supply in furtherance of business. However, a follow-up question raises doubt about whether this could be viewed as a supply from an unregistered dealer to a registered dealer.

ansh 99

117 Points Posted on 17 August 2020

No GST implications

CA Sachin M Jain

CA | GST | Refunds | Advisory | Litigati

1300 Points Posted on 19 August 2020

There is no GST implication on induction of Capital in the partnership firm in any form Cash or kind.

Bringing the personal jewellery into business is not in the nature of furtherance of business.

For further clarification contact -
CA Sachin M Jain
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