Tax liability on stock transfer due to change in business constitution

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... Tax liability on stock transfer due to change in business constitution
Query (Issue) Started By: - DINESH TIWARI Dated:- 16-4-2018 Last Reply Date:- 8-5-2018 Goods and Services Tax - GST
Got 8 Replies
GST
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 fr .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... om 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. Reply By YAGAY AND SUN: The Reply: going concern does not attract taxes. Reply By Ganeshan Kalyani: The Reply: GST is PAN based. If PAN is same then there is no change liability . Reply By KASTURI SETHI: The Reply: Change .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... 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. Reply By Susheel Gupta: T .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... he Reply: 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 Reply By YAGAY AND SUN: The Reply: We endorse the very view of CA Susheel Gupta. Reply By KASTURI SETHI: The Reply: I agree with the views of Sh.Sus .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... hil Gupta Ji, an expert. Reply By KASTURI SETHI: The Reply: I also agree with M/s. Yagay And Sun, Sirs. They have been right from the day one i.e. initially. Reply By JAY SHAH: The Reply: 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 st .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ock
Discussion Forum - Knowledge Sharing .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X