Converting one proprietary business into Partnership firm
This query is : Resolved
14 March 2020
Hello sir,
We are converting one proprietary business into Partnership firm.
Kindly request you to update us on below mentioned dilemma.
a. Can eligible ITC as per Electronic Credit Ledger will be transferable from proprietary business
to Partnership Firm.
b. If answer is affirmative, than please inform the procedure.
c. And if the same is not allowed than please inform the section.
We are converting one proprietary business into Partnership firm.
Kindly request you to update us on below mentioned dilemma.
a. Can eligible ITC as per Electronic Credit Ledger will be transferable from proprietary business
to Partnership Firm.
b. If answer is affirmative, than please inform the procedure.
c. And if the same is not allowed than please inform the section.
14 March 2020
Yes, Eligible ITC is transferrable.
As per Rule 4 of the ITC Rules, the transferor shall fill Form ITC-02 for transfer of unutilized credit and transferee need to accept the details of Form ITC-02.
Where there is a change in the constitution of a registered taxable person on account of the sale, merger, demerger, amalgamation, lease or transfer of the business, the transferor shall be allowed to transfer the input tax credit that remains unutilized in its books of account to the transferee.
As per Rule 4 of the ITC Rules, the transferor shall fill Form ITC-02 for transfer of unutilized credit and transferee need to accept the details of Form ITC-02.
Where there is a change in the constitution of a registered taxable person on account of the sale, merger, demerger, amalgamation, lease or transfer of the business, the transferor shall be allowed to transfer the input tax credit that remains unutilized in its books of account to the transferee.
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