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Amalgamation, Merger of Proprietorship with Company
Can now I amalagamate one Proprietorship gst registered taxpayer with one Company gst registered taxpayer with effect from 1st June 2020 but both the entity have already filled all gst returns till December 2020. If answer is yes what amount of ITC of Proprietorship business transferred to Company means ITC as on 31st May 2020 or as on 31st December 2020. Please clarify.
Replies (1)
Transfer of business under mergers, amalgamation and acquisitions do not attract any tax liability under GST regime, they are unlikely to impacted by indirect taxation. ... Further, GST Law stipulates transfer or sale of business assets can take place either as a slump sale or itemized sale.
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