The assessee is running trading of cloth business under proprietorship business. Now he wants to transfer his business to another proprietor ship firm. The transferee firm already has gst no. and running similar business.
What is the procedure of transfer of business in this case and what forms needs to be filed by transferor and transferee under GST. On date of transfer i.e. 1st april 2020, the transferor firm has stock of Rs. 4 lacs but no GST ITC available as per records.