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Input transfer to new

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514 Points Joined May 2019
i am takaing over my friend's business.i have taken gst reg.can i transfer the input balance of my friend to my new registration? pls rply thanks in advance
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On 28 June 2022 at 18:54 Report
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GST Consultant
15986 Points Joined March 2013

Business will have to be sold/transferred as a going concern to transfer ITC

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On 28 June 2022 at 19:50
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Chartered Accountant
86505 Points Joined April 2011
Yes you can transfer such ITC by filing ITC-02
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On 28 June 2022 at 21:02
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3145 Points Joined November 2020
By drawings (drawings is only a personal expenses of owner for his personal expenditures not for business related business expenses............suppose he wants to pay someone means that is called by cash in ledger


there is a difference is there By drawings and By cash in ledger of bank


am I correct?
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On 28 June 2022 at 21:13

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