i had a proprietory firm and i am transferring the assets of the firm including stock to another firm of which i am the managing partner. both have GST registration.
now the question is: whether there is any GST liability for the old firm even in case of transfer of assets? if so which section of the GST act covers it? if there is no liability, what is the provision of the GST act which supports that view? the partnership deed of the firm provides for the transfer from the old firm.
thanks in advance.