Dear Expert
We are converting to partnership. My query is:
ITC of proprietorship business can be C/f to partnership or not, if yes then how
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conversion from Prop. to Partnership
Replies (4)
You have to apply for separate registration for partnership firm..
after that apply for cancellation of proprietor ship BUSINESS then by treating this as sale of business you can tranfer iTC by filing itc 02 form
after that apply for cancellation of proprietor ship BUSINESS then by treating this as sale of business you can tranfer iTC by filing itc 02 form
while in cancellation process of Proprietorship business select "Transfer of Business " under reason for cancellation , next it will ask you GSTN of Transferee provide the GSTN Partnership firm.
And for Transfer any of balance lying in credit ledger of proprietary firm , file ITC 02 from proprietary firm & Accepts the same Partnership firm
And for Transfer any of balance lying in credit ledger of proprietary firm , file ITC 02 from proprietary firm & Accepts the same Partnership firm
Thank you so much for your valuable feedback
Hi Poonam,
Procedure is as below
1.Obtain new registration in the name of partnership by making application in GST REG-01 mentioning reason " Change in constitution of business ".
2. Then file application for cancellation of sole proprietorship by making an cancellation application by mentioning above reason again.
3. Now file ITC-02 through new partnership transferring ITC from sole proprietorship to partnership.
You can refer substance of answer from circular no 96/15/2019 dated 28th Mar 19.
You can call me or mail me at 7353460192/ ncaprakash @ gmail.com
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