Mr.x have 2 gstin number...Which 1 number he has been registered partnership or another 1 proprietor.. Now he wants to transfer the partnership firm shifted to proprietor firm under the gst...
canu pls tell me..it's possible to transfer unde the gst
Yes, You can transfer partnership to proprietorship. Basis Schedule II of the GST act, clause 4 (c) read with its proviso; you will not be liable to pay tax on such transfer. Also the credit if any from old business can be taken in the new business
All the companies transferring their business under GST will need to furnish the particulars in the form GST ITC-02 through the common portal along with a request for transferring the unutilized input tax credit to the electronic credit ledger of the transferee.
5. Transfer of Unutilised ITC to Partnership After completing the filing of the pending returns, the taxpayer can transfer the unutilised ITC to the partnership firm. Following are the steps for transferring unutilised ITC to the partnership firm:
Form GST ITC-02 has to be filed by the proprietorship business to transfer the unutilised ITC to the electronic credit ledger of the partnership firm. Proprietorship entity shall also file a copy of a certificate issued by a practising Chartered Accountant or Cost Accountant certifying that the business has been transferred with a specific provision for the transfer of liabilities. The partnership shall accept the information so provided by the proprietorship company on the GST portal and, upon such approval, the unutilised ITC specified in Form GST ITC-02 shall be credited to its electronic credit ledger. The inputs and capital goods, thus transferred, shall be adequately accounted for in its books of account by the partnership firm.
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