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
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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.
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