GST Implications on Conversion of Partnership Firm into LLP

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... Respected Experts, Need your views on the following Case : Facts : One of Our client is a Partnership Firm engaged into the business of Real Estate Development. They have started Construction and in the mid of the project. Now they wish to Convert Partnership Firm into Limited Liability Partnership with the same Partners becoming Designated Partners/Partner in the LLP. Issue : 1. Will this .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... Conversion be treated as Transfer of Business ? 2. What precautions need to be taken during and after Conversion ? Thank you in Advance for your valuable views. - Reply By Ravinesh Sinha - The Reply = Tansferor will File ITC 02 for transfer of credit if asestts and liability are also transferred to the transfree .registration under GST of new company is complusory - Reply By KASTURI SETHI .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... - The Reply = Answer to query no.1 is yes as PAN will be changed. A new firm will come into existence. I also agree with the views of Sh. Ravinesh Sinha Ji. - Reply By Shilpi Jain - The Reply = Pls also chk if there is any change in PAN when firm converts into LLP. I understand it can be done without change in PAN as well. In such case no transfer of business and gst numb .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... er will also be same - Reply By Ravinesh Sinha - The Reply = Upon conversion from partnership to LLP ,new PAN is needed . - GST Implications on Conversion of Partnership Firm into LLP - Query Started By: - Kalpesh Shah Dated:- 30-4-2022 Goods and Services Tax - GST - Got 4 Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X