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STOCK IN TRADE AND FIXED ASSETS TRANSFER TO PARTNERS

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....TOCK IN TRADE AND FIXED ASSETS TRANSFER TO PARTNERS<br> Query (Issue) Started By: - vaibhav kumar Dated:- 14-8-2024 Last Reply Date:- 21-8-2024 Goods and Services Tax - GST<br>Got 2 Replies<br>GST<br>GST Liability: Stock-in-Trade Transfer: (A) &quot;Given that our business closed in 2022 and a major portion of the stock-in-trade was acquired before the GST implementation period, what are the GST....

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.... implications for transferring this stock to a partner? (B) How should GST be treated for stock-in-trade purchased before the GST regime was introduced?&quot; Fixed Assets Transfer: (A) &quot;For fixed assets transferred to a partner during the business closure in 2022, how should GST be applied? (B) Are there specific considerations for assets acquired before the GST period?&quot; Income Tax....

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.... Liability: Stock-in-Trade Transfer (A) &quot;What are the income tax implications for transferring stock-in-trade to a partner when the business closed (B) How should the fair market value be reported, and how is the potential tax liability determined?&quot; Fixed Assets Transfer: &quot;What are the income tax liabilities related to the transfer of fixed assets to a partner during the busine....

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....ss closure? How should the transfer value be handled for assets acquired before the GST period, and what impact does this have on tax calculations?&quot; Final Compliance and Reporting: Final GST Compliance: &quot;What final steps should be taken to ensure compliance with GST regulations when closing a business and transferring assets, particularly with stock-in-trade and fixed assets acquired ....

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....before the GST implementation? Are there specific reporting requirements or adjustments needed?&quot; Final Income Tax Compliance: (A) &quot;What are the final compliance requirements for income tax when closing a business, including the transfer of assets? (B) Are there any additional filings or adjustments needed beyond the NIL income tax return already filed?&quot; Surrendering PAN Card: &....

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....quot;What is the process for surrendering a PAN card after closing a business? I have already filed the GST surrender application. Could you guide me on how to formally surrender the PAN card? Are there specific forms or procedures to follow?&quot; Documentation and Procedures: &quot;Are there any specific documents or forms required to surrender a PAN card? What steps should be followed to ensu....

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....re that the PAN is successfully deactivated and all related obligations are fulfilled?&quot; Reply By Shilpi Jain: The Reply: Transfer of stock to partner by a firm will be a supply and liable to GST. There would not be much of a difference whether such goods were purchased pre or during GST regime. Reply By vaibhav kumar: The Reply: Respected Mam, I am seeking your expertise on two importan....

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....t matters related to GST and Income Tax. I would greatly appreciate your guidance on the following issues: * GST Revocation and Sale to Partner/ or Customer: * I have already filed an application for GST No. surrender, and the GST department has suspended the GST number 3 years back. Is it possible to revoke the GST number under these circumstances? * If revocation is possible, can I proce....

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....ed with the sale of the business or its assets to a partner or any other person and issue a sales bill in this context? Please advise on the appropriate steps and any implications of doing so. * Additionally, if the stock has a book value of &#8377;10 lakh but its actual market value is only &#8377;1 lakh, how should this discrepancy be handled under GST when issuing the sales bill? * Incom....

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....e Tax Aspects and Capital Gain Calculation: * I need clarification on the income tax aspects concerning the transfer of stocks or shares. Specifically, I am interested in understanding how to calculate the capital gain on such transfers. * Could you provide a detailed explanation of the process for calculating capital gains, including any relevant exemptions or deductions that may apply?<br> D....

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....iscussion Forum - Knowledge Sharing ....