ITC after death

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402 Points Posted on 21 October 2020
Closing stock Transferred after death and theirs no ITC in Old firm so is their need to file ITC 02 form in New Legal Heirs Firm.
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On 21 October 2020 at 20:24 Report
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This discussion clarifies the requirement for filing an ITC-02 form when closing stock is transferred following a death. Even if the original firm had no Input Tax Credit (ITC) available, filing ITC-02 is generally necessary for compliance with Section 18(3) and Rule 41 of the GST provisions. However, if there was genuinely no ITC to transfer, the need to furnish ITC-02 may be waived.

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Tax Consultant & Practitioner
6195 Points Posted on 21 October 2020
Originally posted by : Hitesh rawal
Closing stock Transferred after death and theirs no ITC in Old firm so is their need to file ITC 02 form in New Legal Heirs Firm.

You shall file iTc -02 in that case in order to comply with provisions.

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On 21 October 2020 at 22:15
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GST Practitioner
55067 Points Posted on 21 October 2020
In term of Section 18(3), r/w rule 41 if there is no ITC not required to furnish ITC 02
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On 21 October 2020 at 23:47

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