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Itc transfer
if a firm wants to transfer itc to a New firm what's the procedure of it. n form for it.
Replies (5)
Are they having two different GSTN number ?.
Yes of course because of change in constitution of firm from proprietor to partnership firm with same name
As per section 18 sub section (3) of the CGST 2017 , you can transfer input Tax credit which remain underutilized in his Electronic credit ledger , when change in the constitution of a registered person in case of transfer of business .
However as per rule 41(2) of the CGST rule 2017 , The transferor shall also submit a copy of a certificate issued by a practicing chartered Accountant certifying transfer of Business has been done with a specific previsions for the transfer liabilities .
please confirm with others also.
If both firms have registered under same pan it is possible form itc 02A
Firm have different pan and different Gst bcoz of transfer of business
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