sir
recently gst portal allow additional Trade name
i have proprietorship firm in textile manufacturing business
due to inverted tax structure i have credit balance of unutilized input tax credit
now can i use this itc credit with new proprietorship different vertical service based business with additional trade name in same pancard.
Menu
Recently gst portal allow additional Trade name
Replies (5)
Quick Summary
No you can't. You can claim refund of ITC accumulated due to inverted duty structure
But in same gst number itc balance of two business
itc claim, balance all things go with together
how i can manage individual itc balance ?
itc claim, balance all things go with together
how i can manage individual itc balance ?
If both business are under your proprietorship under the same GSTIN then you can utilise ITC. No issue.
All conditions for ITC is on availment, you availed fulfilling all conditions. Then it becomes your vested right. You can utilise it whenever you want.
If both business are already under one GST registration and input of both business are accumulated together then you can utilise it.
But i suggest you take separate registration for both business and take refund of accumulated ITC under inverted duty structure.
I agree with zafar
Recent Topics :
- Practical queries on buy back of shares
- Any faculty recommendations for latest batch recor
- FAI & FAST-DS 2026 query
- Is GST registration mandatory in this case
- Buying a residential flat in Goa: should my wife b
- Income tax filling
- Applicability of RCM in the case of import of serv
- Confusion in gst registration for service category
- Itc claimed from return defaulters
- Gst input credit
Related Topics :
CAclubindia
