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Question ID : 36903

conversion of proprietary into partnership

I would like to convert a proprietary business into partnershp by drafting a p.deed and planning to avail input credit on stocks as provided u/s18(3)of CGST Act. In this regard, my queries are; 1. Whether the erstwhile proprietor has to raise a tax invoice on the Partnership Firm in view of para 1 of Sch. 1 of the act? But the newly formed partnership firm would continue the same books of account whcih is being operated by the proprietor. How accounting has to be done. 2.On the other hand, Stock being a business asset, it is not at all a supply in view of para 4(c) of Sch II of CGST act.

posted by K.V.V.SATYANARAYANA on Dec 26 2018 12:00AM

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