want to change proprietorship to partnership

OK Sir

I taken GST number for partnership firm so let me kbow how can surrender propritorship GSTIN and and how to show closing stock of proprietership business ?

Issue: GST Impact: Change in Constitution of business From Partnership to Proprietorship or vice versa

Solution :  Following case can be possible

Case 1: Person don't want to change the business

Sol: Then the person no need to take fresh registration of proprietorship. Only amend the existing GST into proprietorship. And as per sub clause c of Clause 4 of schedule II of section 7 of CGST Act,2017, If business is going concern then it is not deemed as transfer of assets of business. Hence No outward GST Liability. So, Person should avoid to take fresh registration unless there is actually change in Business.

Case 2: Person who want to change the business

Sol: Then the person take fresh registration. Then it is treated as transfer as per section 7. Then seller pay GST outward liability. Buyer will take ITC of that.

Thanks,

CA. Sourabh

M.NO. 8708366802

If any doubt remains, then feel free to contact.