Transfer of Business as going concern in part

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....ransfer of Business as going concern in part<br> Query (Issue) Started By: - Rajan Atrawalkar Dated:- 8-4-2023 Last Reply Date:- 8-4-2023 Goods and Services Tax - GST<br>Got 1 Reply<br>GST<br>Dealer is a partnership firm consisting of four partners. The firm is doing business of Jewellery shop at two different cities A and B under one single GST Registration. Now, the firm wants to divide into two....

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.... and two partners were allotted one business and other two retained one business. In the terms of GST, the old firm transferred one business to a new partnership firm as a going concern. The old firm reconstituted retaining two partenres and one business. The transfer of one business to the new partnership firm is exempt vide serial no 2 of Notification 12/2017 (CGST) : "Services by way of transfe....

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....r of a going concern, as a whole or an independent part thereof". What are necessary steps to effect above changes? I have decided to take following steps, please guide me for any corrections. * Formation of new partnership firm for town B. * Apply for GST registration of the same on voluntary basis * Prepare transfer deed of from old firm for transfer of B business as going concern along wi....

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....th all assets and liabilities. The consideration will be their capital amount standing in the old firm. * Formation / reconstitution of partnership firm of town A. * Amend GST Registration of old Firm A. Reply By Ganeshan Kalyani: The Reply: ITC-02 to be filed by the transferor.<br> Discussion Forum - Knowledge Sharing ....