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Transfer of business to his son
My client wants to transfer his business to his son.is it possible ?if yes then what is procedure
Replies (5)
Quick Summary
Yes it's possible
Yes you need to file FORM GST ITC 02, also certification from CA required where amount of credit to be transferred exceed Rs. 2,00,000
File GST ITC 02 from the common portal of transferror and transferee need to accept the same under his GSTIN (Quoted by transferor) upon which all the credit lying in electronic credit ledger of transferor shall stand transferred to transferee.
File GST ITC 02 from the common portal of transferror and transferee need to accept the same under his GSTIN (Quoted by transferor) upon which all the credit lying in electronic credit ledger of transferor shall stand transferred to transferee.
First you will have to create a transfer agreement.
Then if you have any itc balance you will file itc-02.
Then if you have any itc balance you will file itc-02.
@ shreyansh ,but in my case there are no change in constitution of firm
Then also it is possible
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