I have one query regarding consequences / procedure to be followed in case of change in constitution of first stage dealer from Proprietorship to partnership.
The case is proprietor is already running business as a first stage dealer and now has transferred his all asset and liability to newly formed partnership firm in which he is also a partner.
My query is in such a situation how can proprietor transferred closing stock and balance of excise to the partnership firm?
Plz guide me.
mail id [email protected]
Guidelines for Transitioning from Proprietorship to Partnership: Stock Transfer, Excise Balance, and Registration Updates. A discussion on a forum addresses the procedural steps required when a first stage dealer changes from a proprietorship to a partnership. The original query concerns how to transfer closing stock and excise balance to the new partnership. Responses advise updating registration details to include new partners and notifying the relevant authorities. If the PAN changes, a new registration is necessary. It is emphasized that excisable goods cannot be transferred without raising an invoice, as per Central Excise Rules. The discussion highlights the need for compliance with regulatory requirements during such business transitions. (AI Summary)
TaxTMI 
TaxTMI 
