ITC on stock transfer
If somebody taking stock from a person who is closing his business permanently, so how will be the person who is purchasing stock can claim ITC.
Replies (2)
Hi Sarthak
If the person had surrender the Registration in sales tax before selling stock then he can't charge the tax in bill
and simultaneously you can not claim ITC
but if he sell goods before surrender then u can claim itc on that goods.
If the person had surrender the Registration in sales tax before selling stock then he can't charge the tax in bill
and simultaneously you can not claim ITC
but if he sell goods before surrender then u can claim itc on that goods.
Hi Sir,
Thanks for your valuable response.
If we show the same transactions in the form of purchase, in simple term I will suggest the person who is taking stock that take his stock on his invoice bill so that I can claim ITC on it, I will show the same transaction as purchase in my book?
Should I do this, if yes then please refer section also.
Thanks for your valuable response.
If we show the same transactions in the form of purchase, in simple term I will suggest the person who is taking stock that take his stock on his invoice bill so that I can claim ITC on it, I will show the same transaction as purchase in my book?
Should I do this, if yes then please refer section also.
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