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Partnership to proprietorship

139 views 1 replies

Abhishek

MBA

36 Points Joined August 2015

Hi:

I have a partnership firm with 3 other silent partners. I have successfully obtained the GSTIN last month after uploading all supporting documents.

I wish to convert this firm into proprietorship under my name, to reduce tax liability of 30% for firms. All partners are willing to this. Will I be able to retain the same GSTIN, firm name, bank account etc ? Is a simple stamp paper stating the cause and signed by all partners sufficient?

Replies (1)

Studentsca

CA Practice

3577 Points Joined September 2012

Not possible because while submitting GST Registration application you would have provided firm's PAN. Now you want to convert it to proprietorship which means your PAN. Since the GST Number is registered in the name of firm's PAN it cannot be transferred to your PAN. You will have to cancel firm's registration and apply for fresh registration in your PAN.