TMI BlogTransfer of Business as going concern in partX X X X Extracts X X X X X X X X Extracts X X X X ..... 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 o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ld 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 correction ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s. Formation of new partnership firm for town B. Apply for GST registration of the same on voluntary basis Prepare transfer deed of from old firm for transfer of B business as going concern along with all assets and liabilities. The consideration will be their capital amount standing in the old firm. Formation / reconstitution of partnership firm of town A. Amend GST Registration ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of old Firm A. - Reply By Ganeshan Kalyani - The Reply = ITC-02 to be filed by the transferor. - Transfer of Business as going concern in part - Query Started By: - Rajan Atrawalkar Dated:- 8-4-2023 Goods and Services Tax - GST - Got 1 Reply - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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