STOCK TRANSFER

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ACCOUNTANT
23 Points Posted on 26 January 2021

RESPECTED SIR,

I HAD I PROPRIETORSHIP FIRM. I CHANGED MY PROPRIETORSHIP FIRM INTO PARTNERSHIP FIRM ON DATED 1 NOVEMBER 2017. BUT UNFORTUNATELY I COULD NOT TRANSFER GOODS FROM ONE FIRM TO SECOND FIRM. I CONTINUE TAKING STOCK IN PARTNERSHIP FIRM. IN IST NOVEMBER THE GST WAS ALSO BALANCE IN OUR BOOKS OF ACCOUNTS. IN PRESENT ALSO IS THE SAME. THE ITC BALANCE IS DIFFERENT SHOWING IN OUR BOOK AND GST PORTAL. WE ALSO CLOSED THE PROPRIETORSHIP FIRM. NOW PLEASE HELP ME  WHAT SHOULD I DO ?

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On 26 January 2021 at 17:19 Report
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Quick Summary
A business owner converted their proprietorship firm to a partnership firm in November 2017 but failed to transfer stock, leading to discrepancies in GST ITC. The proprietorship firm has since been closed. The user is seeking guidance on how to rectify the situation, especially concerning the stock value and ITC balance shown in their books versus the GST portal.

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GST Practitioner
29904 Points Posted on 27 January 2021
How much stock in value you are having in proprietorship firm .
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On 27 January 2021 at 00:07
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ACCOUNTANT
23 Points Posted on 27 January 2021

GST RATE 12% GOODS  RS. 33245/-, GST RATE 18% GOODS RS. 4080349/- AND GST RATE 28% GOODS RS. 1384509/-.

TOTAL STOCK RS. 5498103/- WAS LYING BALANCE AS ON 31-10-2017. AND ITC WAS BAL. IN OUR A/C RS. 445553/- ON THIS DATE. AND ALSO IS SHOWING IN THE PORTAL TODAY.

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On 27 January 2021 at 17:09

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