a proprietor having a retail business with gst want to take his daughter as partner and constitute a partnership business what is the procedure under gst
An application form along with fees is to be submitted to Registrar of Firms of the State in which firm is situated. The application has to be signed by all partners or their agents.
Documents to be submitted to Registrar are Application for registration of partnership (Form 1) Specimen of Affidavit Certified original copy of Partnership Deed Proof of principal place of business (ownership documents or rental/lease agreement) If the registrar is satisfied with the documents, he will register the firm in Register of Firms and issue Certificate of Registration.
Register of Firms contains up-to-date information on all firms and can be viewed by anybody upon payment of certain fees.
How to apply for GST Number for a Partnership Firm? Login to the GST Online Portal Fill up Form Part-A (PAN, Mobile No., and E-mail) The Portal verifies your detail by OTP/E-mail Upload the required documents Access and fill in Part B using received number You will get the Application Reference Number The GST Officer starts verifying your documents The GST Officer either rejects or accepts your application within 7 working days If any explanation is required you need to produce the documents required After all the clarifications GSTN number is allotted to you
Documents required for GST Registration of Partnership Firm: Photos of all Partners PAN Card of all Partners Aadhar Card of all Partners PAN Card of the Partnership Firm Proof of Constitution of Business (Partnership deed) Proof of Principle place of business (Anyone – Electricity Bill/Rent or Lease agreement/Latest Bank Statement – Not less than 2 months old) Letter of Authority in favor of any Partner Once the application is filed, an Application Reference Number (ARN) will be generated to track the status of application Once the application is approved by the Tax Officer, the Certificate of Registration is generated online
Mr.Javed you will get the details, but i will suggest you take the help of professionals , they guide in better way. Link is attached for your question
Obtain the GST Registration of Partnership firm & while registration process under clause reason/cause of registration " takeover the business"
In term of S.no.2 of Notification 12/2017 CT(r) transfer of going business is Exempted in GST . Hence prepare the affidavit for Business Transfer Agreement" & In term of Section 18(3) of CGST Act r/w rule 41 where there is change in constitution of a registered person on account of sale,merger,transfer of business ,the ITC which remains unitised in ECL can be transferred to resultant entity. Hence if any ITC In ECL in proprietary firm can be transfer by filing ITC 02 .
Note : While surrendering GSTN of Proprietary firm provide reason of surrender " change in constitution" thereafter provide the GSTN of partnership firm thereon.
In short in GST you can transfer one business into another without any payment of GST , its definitely cover under supply but Exempted.
Firstly you prepare apartnership deed on applicable stamp paper, get it notarized and registered, then apply for PAN of firm and then apply for obtaining a new GSTN.
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