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pantership after death of partner

ANIL KUMAR KHETAN (PROPRIETOR) (486 Points)

28 February 2019

one partner die. After death of one partner partnership firm converted in to proprietary concen with assets and liabilities . what is position unafjusted input tax credit after converted in to proprietary concern regarding closing stock

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6 Replies

subhagan sreerangam (7039 Points)
Replied 01 March 2019

thank you and congratulations

ANIL KUMAR KHETAN (PROPRIETOR) (486 Points)
Replied 01 March 2019

what is legal position . I want to know

Padmanathan Kv (2127 Points)
Replied 01 March 2019

Sir I believe the original partnership firm had only two partners and one died. I think the partnership will get dissolved automatically. Since there is no provision in GST to convert partnership into proprietary ( as PAN itself will change) I think you have to close the original Partnership registration and take fresh registration as proprietary.

Reg Closing stock while closing Original Partnership u have to file GSTR 10 and pay tax on ITC in Closing Stock.

subhagan sreerangam (7039 Points)
Replied 01 March 2019

thank you and congratulations

ANIL KUMAR KHETAN (PROPRIETOR) (486 Points)
Replied 02 March 2019

Three partners in old firm and one partner death , so partnership firm no automatically dissolved according to partnership deed , what is legal position . Please advise

Padmanathan Kv (2127 Points)
Replied 02 March 2019

Sir, then take GST registration for the proprietor and bill all the stocks to proprietor so that he can take ITC. Then close the partnership GST registration with nill stock. I think this is the better tax planning option