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

AI Summary

Changing from Proprietorship to Partnership? No GST on Business Transfer as Going Concern per Notification 12/2017. A user inquired about the tax liabilities and procedures involved in changing a business structure from a proprietorship to a partnership, specifically concerning stock and capital goods, under the Goods and Services Tax (GST) framework. Three respondents clarified that the transfer of a business as a going concern does not attract GST. They referenced Notification 12/2017, Chapter 99, which states that services by way of transfer of a going concern are exempt from GST.