Itc balance
This query is : Resolved
pranab sarma
(Querist)
19 June 2018
What happened with the balance of input tax credit available in "Electronic Credit Ledger" of a partnership firm if it is going to dissolve ?
Is it possible that one partner will run the business with same trade name and as proprietary concern. If it is possible, then, is there a way to transfer the available ITC balance in the electronic ledger of the firm to the electronic ledger of the partner ?
Please suggest and thanks.....
Is it possible that one partner will run the business with same trade name and as proprietary concern. If it is possible, then, is there a way to transfer the available ITC balance in the electronic ledger of the firm to the electronic ledger of the partner ?
Please suggest and thanks.....
Vishakha Kejriwal.
(Expert)
20 June 2018
In case of dissolution the ITC lapses. However in case of transfer of business as sale, it is possible to transfer the unutiilised credit to the transferee as per Section 18 of the CGST Act read with Rule 41 of the CGST Rules.
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