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Transfer of solepropretorship
My septugenerian friend wishes to transfer his textile soleproprietorship shop to his son. Will this attract Gst for the entire inventory? Or is it possible to expand the constitution to a partnership firm including the son, retaining a small share for himself and exiting later on, as per an exit/ retirement clause, without atttracting gst?
Replies (1)
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Direct transfer → ❌ GST applicable on inventory
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Transfer as going concern → ✅ GST exempt
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Partnership route + retirement → ✅ Most practical & safe (no GST if structured properly)
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