I had a partnership firm registered under gst now i want to convert it under sole proprietor ship. Now I want to know that ITC credit balance available can be transferred to sole proprietor ship or not.
I had a partnership firm registered under gst now i want to convert it under sole proprietor ship. Now I want to know that ITC credit balance available can be transferred to sole proprietor ship or not.
There is no provision to transfer credit as such. You can consider selling stock from partnership firm to proprietorship concern with GST. If you have ITC balance in firm, it indirectly gets transferred to the proprietorship concern. If ITC is not sufficient, there may be some cashflow here.
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
View Details
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
View Details
CAclubindia
