TREATMENT OF CLOSING STOCK WHEN PARTNERSHIP IS CONVERTED TO SOLE PROPRIETORSHIP, Goods and Services Tax - GST

[MVK TAXAUDIT]

TREATMENT OF CLOSING STOCK WHEN PARTNERSHIP IS CONVERTED TO SOLE PROPRIETORSHIP UNDER TWO DIFFERENT SITUATIONS :

1. WHEN THERE IS EXCESS ITC .

2. WHEN IS THERE NO EXCESS ITC .

ALSO WHETHER PARTNERSHIP FIRM SHOULD CLEAR CLOSING STOCK BY MAKING A SALES BILL TO SOLE PROPRIETORSHIP OR IT CAN TRANSFER IT TO THE SOLE PROPRIETOR ( ONE OF THE PARTNER ) WITHOUT MAKING SALES BILL.

KINDLY ADVICE ON THE ABOVE.

Posts / Replies

[KASTURI SETHI]

See reply against Issue ID No.116073 dated 26.2.20 in this forum.