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
Aman Agrawal (....) (101 Points)
22 June 2021I 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
CA Sachin M Jain
(CA | GST | Refunds | Advisory | Litigation)
(1313 Points)
Replied 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
(GST Consultant)
(15907 Points)
Replied 22 June 2021
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