TMI BlogGST Implication in case of transfer of business by Prop. to LLPX X X X Extracts X X X X X X X X Extracts X X X X ..... Dear sir, One of our clients is transitioning their business from a proprietorship to LLP. Since they are engaged in software exports, they usually work on advance basis and therefore have certain ou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tstanding advances pending for billing. Further, they also have certain overseas debtors against which export was made earlier. Now GST Law only allows exemption from GST in case of business transfer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... if done on going concern basis i.e as is where is basis. However, bank would not allow exports against advances being made by LLP and neither allow receipt of exports proceeds of proprietorship by LL ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... P. IN such scenario if these debtors or advances are not transferred, would it still qualify for GST Exemption? - Reply By Ganeshan Kalyani - The Reply = Sir, GST is exempt only if the business as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a whole or a unit of business is transferred as a going concern. Transfer includes assets as well as liabilities. In your case, in my view, exemption would not be available and tax would be applicable ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . I welcome the views of my experts collegue. - GST Implication in case of transfer of business by Prop. to LLP - Query Started By: - ROHIT GOEL Dated:- 18-9-2020 Goods and Services Tax - GST - Got ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1 Reply - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TM ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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