Goods and Services Tax – Started By: – JAY SHAH – Dated:- 8-5-2018 Last Replied Date:- 9-5-2018 – HelloWe have a partnership firm and registered as composition dealer under GST regime. now i want to convert the same to proprietorship by retiring one partner and other one continue in same business under same banner. is there any tax liability arise on closing stock? in proprietorship also i want to continue under composition dealer. – Reply By kollengode venkitaraman – The Reply = WHEN THE BUSINESS OF THE PARTNERSHIP IS TAKEN OVER BY ONE PATNER AS A PROPRIETORSHIP, IT WILL BE EXEMPT TAKING OVER A BUSINESS AS A WHOLE IS EXEMPTED UNDER GST – Reply By DR.MARIAPPAN GOVINDARAJAN – The Reply = In my view you cannot continue under erstwhile compos
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t we are composition dealer. If we pay GST on closing stock in partnership firm for transfer of stock to proprietorship then we are going to pay two time GST. One at the time of transfer to proprietorship and again we have to pay gst in proprietorship on final sale. – Reply By KASTURI SETHI – The Reply = Dear Querist, There is no doubt that afresh registration is required as rightly advised by Dr.Govindarajan, Sir.. When you apply for a new registration, you are to decide whether to opt for composition dealer or not. New registration, afresh option is required. It is natural that a composition dealer cannot avail ITC Actually, no-provision of ITC as composition dealer is a hurdle for you. Otherwise there would have been no problem as rightl
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