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TREATMENT OF CLOSING STOCK WHEN PARTNERSHIP IS CONVERTED TO SOLE PROPRIETORSHIP, Goods and Services Tax - GST

Issue Id: - 116063
Dated: 25-2-2020
By:- MVK TAXAUDIT
TREATMENT OF CLOSING STOCK WHEN PARTNERSHIP IS CONVERTED TO SOLE PROPRIETORSHIP

  • Contents

TREATMENT OF CLOSING STOCK WHEN PARTNERSHIP IS CONVERTED TO SOLE PROPRIETORSHIP UNDER TWO DIFFERENT SITUATIONS :

1. WHEN THERE IS EXCESS ITC .

2. WHEN IS THERE NO EXCESS ITC .

ALSO WHETHER PARTNERSHIP FIRM SHOULD CLEAR CLOSING STOCK BY MAKING A SALES BILL TO SOLE PROPRIETORSHIP OR IT CAN TRANSFER IT TO THE SOLE PROPRIETOR ( ONE OF THE PARTNER ) WITHOUT MAKING SALES BILL.

KINDLY ADVICE ON THE ABOVE.

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Showing Replies 1 to 1 of 1 Records

1 Dated: 27-2-2020
By:- KASTURI SETHI

See reply against Issue ID No.116073 dated 26.2.20 in this forum.


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