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ITC transfer from Partnership firm to Proprietor ship


Aman Agrawal (Student)     24 January 2021

Aman Agrawal
Student 
 12 points

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I have one  Partnership firm of manufacturing which is now converted into a proprietor ship..We have registered different GST number for Proprietorship. So we have two registrations now.. 1 for partnership and other one was propritorship.. Now I have to cancel the gst registration of partnership but there are some ITC around 2 lacs  Rupees lying in partnership concerns which I want to transfer in propritor.. but Bank account is same as I didn't opened a new account and transfered same account to propritorship.

So how can I transfer ITC to prop. Can I make one single bill? Or various bills less than 2 lakhs.. 

Kindly please guide me how can I transfer ITC and then cancel the registration of partnership firm

avater

Aditi Kaur (Practising CA)    24 January 2021

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Thiyagarajan Kandasamy

Thiyagarajan Kandasamy   24 January 2021

Thiyagarajan Kandasamy

 3 likes  79 points

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Dear sir used GST ITC 02 form in portal and enter the proprietorship details and submit same will reflect in proprietorship firm and once accepted same will be reflected in electronic credit ledger
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Pankaj Rawat

Pankaj Rawat (GST Practitioner)     26 January 2021

Pankaj Rawat
GST Practitioner 
 3639 likes  49369 points

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In term of Section 18(3), R/w rule 41 ,you can transfer your ITC by filing ITC 02 .

Note : while filing cancellation give reason for cancellation "Transfer of business" & provide the GSTN of Proprietor firm therein.
Do prepare the "Business transfer deed"

In this way you are not liable to raise Taxable Tax Invoice to transfer your ITC as it is Exempted by the Notification 12/2017 CT(r)
1 Like
Aman Agrawal

Aman Agrawal (Student)     31 January 2021

Aman Agrawal
Student 
 12 points

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What we have to mention in transfer deed agreement? Should it be in Stamp papers? If yes than how much Rupees stamp paper I have to make.?

Aman Agrawal

Aman Agrawal (Student)     31 January 2021

Aman Agrawal
Student 
 12 points

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Can you please tell me the format of CA certificate which should be attach along with the itc-02 Form?

Pankaj Rawat

Pankaj Rawat (GST Practitioner)     01 February 2021

Pankaj Rawat
GST Practitioner 
 3639 likes  49369 points

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provide me your mail id, can mail you the ca certificate.


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