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Aman Agrawal (....)     22 June 2021

Cancellation of GST number need Help

I want to cancel my GST number due to change in constitution of business from partnership to proprietorship and also wants to transfer ITC from partnership to proprietorship account..

Can anyone do this work for me.. I will pay



 2 Replies

CA Sachin Jain

CA Sachin Jain (Practicing CA)     22 June 2021

There is specified procedure to be followed in case of sales / transfer of business as a going concern. 

Following are important point to be considered :

1. Sales of whole business (all assets & liability) is an Exempt supply under GST

2. You can transfer the balance of ITC to the new entity

3. ITC reversal will be attract in the selling business on account of exempt sales

4. New business needs to accept the ITC of the selling business

 

For more details - CA Sachin M Jain .8O975. l5447 WhatsApp : tinyurl.com/wCASMJ Facebook : tinyurl.com/FCASMJ Instagram : tinyurl.com/ICASMJ LinkedIn : tinyurl.com/LCASMJ  YouTube : tinyurl.com/YCASMJ Twitter : tinyurl.com/TCASMJ Email : casachinmjain @ gmail.com

CA Altamush Zafar

CA Altamush Zafar (GST Consultant)     22 June 2021

New registration will have to be taken. transfer of itc has be taken through itc-02. and then cancel the old registration

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