Convert a Proprietorship to a Partnership after GST Implementation
In this case, you must first enter a company signature. After this, request the PAN and TAN number from the Income Tax department.
After PAN, arrange for a document to prove the address of the company as mentioned in the company’s deed and proof of address for a place of business (in case it is different from another).You want to Register New Firm?
After this, go to the bank and open a current account of the company.
After all the above documents, obtain the registration number under GST for this company’s signature.
Begin to invoice at the signing of the Alliance from a mutually agreed upon date between the partners after the company’s deed has been written.
Now, finally, in a proprietary company, present all GST refunds and pay the outstanding taxes.
Once all the tax payments have been paid, request the cancellation of the GST number for the following reasons:
“Change in the legal structure of the company”.
According to Annex 2 of the CGST / SGST Law, there is no need to pay taxes on the sale of shares where those shares passed from an existing firm to a new one (subject to the restructuring of the company) subject to the condition that the company existing is no longer the passive subject after said restructuring.
Latest posts by Certicom Consulting (see all)
- Time, Place and Value of Supply for good services under GST - August 14, 2018
- GST Procedure - August 13, 2018
- Income Tax Department Portal – Login & Registration Guide - August 11, 2018