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Tax liability on stock transfer due to change in business constitution, Goods and Services Tax - GST

Issue Id: - 113626
Dated: 16-4-2018
By:- DINESH TIWARI
Tax liability on stock transfer due to change in business constitution

  • Contents

Sir

If i change a proprietorship business into the partnership business under GST; there is neither change in Place of Business nor any Closing Stock or Plant and Machinery moved from their places.

So i want to ask that, is there any immediate liability of GST on Plant and machinery and Closing Stock imposes on previous firm.

Please guide me on it.

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Posts / Replies

Showing Replies 1 to 8 of 8 Records

1 Dated: 16-4-2018
By:- YAGAY AND SUN

going concern does not attract taxes.


2 Dated: 17-4-2018
By:- Ganeshan Kalyani

GST is PAN based. If PAN is same then there is no change liability .


3 Dated: 17-4-2018
By:- KASTURI SETHI

Change of proprietorship into partnership mean a new entity and afresh registration is required under GST. PAN will be changed. Stock whatever including plant and machinery though remain in the same premises will qualify to the definition of 'supply'. Such transfe/disposal requires invoice and payment of tax for which ITC would be available to the new partnership firm.


4 Dated: 18-4-2018
By:- Susheel Gupta

In case, business is transferred as going concern it is not treated as supply as per clause 4(c) of schedule II. U need to file ITC-02 to transfer unutilised ITC from old concern to new concern.

CA Susheel Gupta

8510081001, 9811004443


5 Dated: 19-4-2018
By:- YAGAY AND SUN

We endorse the very view of CA Susheel Gupta.


6 Dated: 20-4-2018
By:- KASTURI SETHI

I agree with the views of Sh.Sushil Gupta Ji, an expert.


7 Dated: 20-4-2018
By:- KASTURI SETHI

I also agree with M/s. Yagay And Sun, Sirs. They have been right from the day one i.e. initially.


8 Dated: 8-5-2018
By:- JAY SHAH

Sir

I am composition dealer and have a partnership firm. now i want to convert the same in proprietor ship and want to continue as composition dealer. then what is tax liability under the same for closing stock


1

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