Cancellation of GST number need Help

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101 Points Posted on 22 June 2021

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

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On 22 June 2021 at 15:04 Report
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Quick Summary
This discussion addresses the process of cancelling a GST number when a business constitution changes, such as from a partnership to a proprietorship. It clarifies that while the sale of a whole business is an exempt supply, the balance of Input Tax Credit (ITC) can be transferred to the new entity using form ITC-02. A new GST registration will be required for the proprietorship, and the old registration must then be cancelled.

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CA | GST | Refunds | Advisory | Litigati
1463 Points Posted on 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

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On 22 June 2021 at 16:55
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GST Consultant
15986 Points Posted on 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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On 22 June 2021 at 17:01

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