TMI BlogTax liability on stock transfer due to change in business constitutionX X X X Extracts X X X X X X X X Extracts X X X X ..... 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. - Reply By YAGAY AND SUN - The Reply = goin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g 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 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 wil ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l 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 - The 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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.Sushil 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 S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... HAH - 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 stock - Tax liability on stock transfer due to change in business constitution - Query Started By: - DINESH TIWARI Dated:- 16-4-2018 Goods and Services Tax - GST - Got 8 Rep ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lies - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - 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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