Carry forward of itc

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T
405 Points Posted on 26 August 2020
if I sell my buisness to unrelated person and I have some itc unutilized then is it allowed to transfer that itc to that unrelated person
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On 26 August 2020 at 14:48 Report
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Quick Summary
This discussion explores whether unutilised Input Tax Credit (ITC) can be transferred to an unrelated buyer when selling a business. While some initially thought it might be possible, the consensus is that GST credit and liabilities generally need to be settled at the time of business closure and cannot be transferred to a new owner.

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Kkk
1204 Points Posted on 26 August 2020
Yes allowed
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On 26 August 2020 at 15:48
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Finance/Compliance Consultant
69390 Points Posted on 26 August 2020
I think GST Credit and liabilities needs to be settled at the time of Closure of business and can not be transferred.
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On 26 August 2020 at 17:15
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Profession
28261 Points Posted on 03 September 2020
Taha you cannot set off unutilzed credit in that way.
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On 03 September 2020 at 16:58

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