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Registration Query
Sir A properitorship firm if discontine the business then the stock holding with that what the procedure to transfer the stock for new properitorship concern The second question is in partnership firm a partner expired on 19/03/2020 after the lockdown period commenced what is about Statutarory obligation for that under GST act
Replies (3)
You can transfer input by filing itc 02
Execute a new Partnership Deed, delete the name of Expired partner, insert the name if new partner and upload the new deed in the GST Registration by filing Form REG-14.
Yes if you wants to transfer stock without paying GST on same ,need to execute new partnership deed.
while filling cancellation by Transferor (Partnership Firm) , select "Change in Constitution" reason for cancellation thereafter it will ask for the GSTN of Transferee (Proprietor firm) provide the same .
Such transfer is Exempted as per Notification 12/2017 CT (R)
Note : if any balance is lying in Credit ledger of Partnership firm can also transfer to Proprietary firm by filing ITC 02 (Refer Section 18(3) of CGST Act)
** ITC 02 need to be furnished before cancellation is file.
while filling cancellation by Transferor (Partnership Firm) , select "Change in Constitution" reason for cancellation thereafter it will ask for the GSTN of Transferee (Proprietor firm) provide the same .
Such transfer is Exempted as per Notification 12/2017 CT (R)
Note : if any balance is lying in Credit ledger of Partnership firm can also transfer to Proprietary firm by filing ITC 02 (Refer Section 18(3) of CGST Act)
** ITC 02 need to be furnished before cancellation is file.
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