Change in constitution

[SAURABH KAPOOR]

Change in Constitution from prop. to partnership in same place. Stock and Capital goods held in Prop.Business but no ITC available. Is there any liablity of tax on stock and capital goods. Is there any form to show stock and capital goods transfer from old concern to new

[SHARAD ANADA]

Refer Notification 12/2017

2

Chapter 99

Services by way of transfer of a going concern, as a whole or an independent part thereof.

Nil

Nil

[YAGAY andSUN]

Transfer of business on the basis on going concern do not attract any GST.

[DR.MARIAPPAN GOVINDARAJAN]

GST is not attracted.

AI Summary

Transfer of going concern: business transfers of stock and capital goods do not attract GST when qualified as a going concern. Change of constitution from proprietorship to partnership: transfer of stock and capital goods where no ITC is available. Responses indicate that transfer of business as a going concern does not attract GST, citing Notification 12/2017 Chapter 99 which treats services by way of transfer of a going concern as nil-rated, and conclude that GST is not attracted on such transfers while noting the need to document the transfer.