https://www.taxtmi.com/forum/issue?id=119257 Transfer of stock in trade by a firm to a partner is a supply and taxable under GST; goods acquired before GST implementation do not change this liability. Issues noted include revocation of suspended GST registration to permit invoicing, handling large discrepancies between book and market value when issuing sales bills, GST application to fixed assets, and income tax consequences requiring fair market value reporting and capital gain computation. Final compliance includes completing GST/income tax reporting and administrative steps to surrender PAN. en-us Wed, 14 Aug 2024 17:21:18 +0530 Fri, 24 Jan 2025 10:40:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=119257 Transfer of stock in trade by a firm to a partner is a supply and taxable under GST; goods acquired before GST implementation do not change this liability. Issues noted include revocation of suspended GST registration to permit invoicing, handling large discrepancies between book and market value when issuing sales bills, GST application to fixed assets, and income tax consequences requiring fair market value reporting and capital gain computation. Final compliance includes completing GST/income tax reporting and administrative steps to surrender PAN. Discussion-Forum GST Wed, 14 Aug 2024 17:21:18 +0530 https://www.taxtmi.com/forum/issue?id=119257