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Transfer of Business as going concern in part, Goods and Services Tax - GST |
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Transfer of Business as going concern in part |
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Dealer is a partnership firm consisting of four partners. The firm is doing business of Jewellery shop at two different cities A and B under one single GST Registration. Now, the firm wants to divide into two and two partners were allotted one business and other two retained one business. In the terms of GST, the old firm transferred one business to a new partnership firm as a going concern. The old firm reconstituted retaining two partenres and one business. The transfer of one business to the new partnership firm is exempt vide serial no 2 of Notification 12/2017 (CGST) : “Services by way of transfer of a going concern, as a whole or an independent part thereof”. What are necessary steps to effect above changes? I have decided to take following steps, please guide me for any corrections.
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ITC-02 to be filed by the transferor. Page: 1 Old Query - New Comments are closed. |
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