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Gst Credit
MILAN B. SHAH • 18 October 2018
Gst credit
Hi,
One of client (X) had take over business in July but legal formalities still pending rent invoice come under the name of old party ( Y ) but rent payment was made by new party(X)
Whether new party (X) can take Gst credit by getting bill from old party (Y) or not??
x has already Gst number.
If yes then it's valid? As contact agreement and all was done between owner and old party (y)
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Gst Credit
Replies (1)
reference of section 18 of cgst act 2017
Where there is a change in the constitution of a registered person on account of sale, merger, demerger, amalgamation, lease or transfer of the business with the specific provisions for transfer of liabilities, the said registered person shall be allowed to transfer the input tax credi
t which remains unutilised in his electronic credit ledger to such sold, merged, demerged, amalgamated, leased or transferred business in such manner as may be prescribed.
so referring the above provision so mr X can avail the itc
Where there is a change in the constitution of a registered person on account of sale, merger, demerger, amalgamation, lease or transfer of the business with the specific provisions for transfer of liabilities, the said registered person shall be allowed to transfer the input tax credi
t which remains unutilised in his electronic credit ledger to such sold, merged, demerged, amalgamated, leased or transferred business in such manner as may be prescribed.
so referring the above provision so mr X can avail the itc
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