Hello gyz
What is the gst implications on transfer of business from one partnership to another partnership firm and is new turnover be considered for new partnership firm or turnover of old firm be considered for new one.
And whether is there any gst liability on stock?
Pls guide me
Thanks in advance
Menu
Person change
Replies (1)
In term of Notification 12/2017 CT rate its exempted supply.
The Assets, Liability & Stock can be transferred Under Business Ttansfer Agreement (BTA) .
Note : As per Section 18(3) R/w Rule 41 if ITC lying in credit ledger of transferor can be transfer to Credit Ledger of Transferee by Filing ITC -02 on Transferor GST portal & accepted by the same by Transferee.
NO THE TURNOVER OF OLD CANNOT CONSIDERED IN NEW & VICE VERSA.
The Assets, Liability & Stock can be transferred Under Business Ttansfer Agreement (BTA) .
Note : As per Section 18(3) R/w Rule 41 if ITC lying in credit ledger of transferor can be transfer to Credit Ledger of Transferee by Filing ITC -02 on Transferor GST portal & accepted by the same by Transferee.
NO THE TURNOVER OF OLD CANNOT CONSIDERED IN NEW & VICE VERSA.
Recent Topic
- Input tax credit under igst under insurance compan
- ITR Form to be used
- CGAS account Holder Deceased
- ITR form suggestion
- Post office KVP income.
- Free GST invoice tool I built for my practice R
- Clarification on Gratuity Exemption under Section
- GOODS AND SERVICE TAX - GSTR 1
- Correct ITR form
- Clarification required on Section 393 & Report
Related Topics
CAclubindia
