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.
Converting Proprietorship to Partnership: GST Implications Explained. New Entity Requires Registration; ITC Transfer Possible via Form ITC-02. A forum user inquires about the GST implications when converting a proprietorship into a partnership without relocating business assets. Responses suggest that if the business is transferred as a going concern, it typically does not incur GST liability. However, if the conversion results in a new entity with a different PAN, a new GST registration is required, and the transfer of stock and assets may be considered a supply, necessitating invoicing and tax payment. Input Tax Credit (ITC) can be transferred to the new partnership using form ITC-02. (AI Summary)
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