TaxTMI 
TaxTMI 
GST Implications on Conversion of Partnership Firm into LLP
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....ST Implications on Conversion of Partnership Firm into LLP<br> Query (Issue) Started By: - Kalpesh Shah Dated:- 30-4-2022 Last Reply Date:- 3-5-2022 Goods and Services Tax - GST<br>Got 4 Replies<br>GST<br>Respected Experts, Need your views on the following Case : Facts : One of Our client is a Partnership Firm engaged into the business of Real Estate Development. They have started Construction....
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.... and in the mid of the project. Now they wish to Convert Partnership Firm into Limited Liability Partnership with the same Partners becoming Designated Partners/Partner in the LLP. Issue : 1. Will this Conversion be treated as Transfer of Business ? 2. What precautions need to be taken during and after Conversion ? Thank you in Advance for your valuable views. Reply By Ravinesh Sinha: The R....
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....eply: Tansferor will File ITC 02 for transfer of credit if asestts and liability are also transferred to the transfree .registration under GST of new company is complusory Reply By KASTURI SETHI: The Reply: Answer to query no.1 is yes as PAN will be changed. A new firm will come into existence. I also agree with the views of Sh. Ravinesh Sinha Ji. Reply By Shilpi Jain: The Reply: Pls also ch....
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....k if there is any change in PAN when firm converts into LLP. I understand it can be done without change in PAN as well. In such case no transfer of business and gst number will also be same Reply By Ravinesh Sinha: The Reply: Upon conversion from partnership to LLP ,new PAN is needed .<br> Discussion Forum - Knowledge Sharing ....