Dear Friends,
My brother is a Propreitor of one entity. Now, he has joined in a Partnership firm. So, he will able to transfer available ITC from PROPRIETORSHIP entity to Partnership entity and surrender the propreitorship GST RC.
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Available GST ITC transfer to New Entity
Replies (4)
Quick Summary
Whether your brother closed the proprietorship business?
Still not closed, but he has planned to close. Is it possible to transfer available ITC before closure of existing firm?
Transfer of ITC available only if the business is transferred as a going concern.
There is a whole procedure for it.
Altamush Bhai, my brother started own business and running for the last 2 years. Now ECL is available about 10 lakhs. He will be enrolled in new propreitorship entity as a partner and planned to close current business. So, could you please assist me to transferring the available ECL from existing entity to entering entity.
step by step procedures, ECL transferring before or after closing of current entity?
step by step procedures, ECL transferring before or after closing of current entity?
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