One of my client has Proprietorship Concern has became a Partner consisting family members, so much of stock and ITC credit in proprietary concern can it be transferred to Firm without payment
pls guide how to claim ITC in firm
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Transfer of ITC without payment of GST
Replies (2)
Quick Summary
Yes you can .
As per Section 18(3) R/w rule 41 the ITC can be transfer by filing ITC 02 by Transferor at transferee GSTN & later Transferee will accept the ITC 02 in his GSTN portal , accordingly the credit will be transferred to transferee ECL.
In term of Notification 12/2017 CT (r) , Under s.no.2 , supply of services by way of transfer of going concern is Exempted.
Hence whose business like asset liability & stock can be transfer.
Note : plz do prepare Business Transfer Agreement.
As per Section 18(3) R/w rule 41 the ITC can be transfer by filing ITC 02 by Transferor at transferee GSTN & later Transferee will accept the ITC 02 in his GSTN portal , accordingly the credit will be transferred to transferee ECL.
In term of Notification 12/2017 CT (r) , Under s.no.2 , supply of services by way of transfer of going concern is Exempted.
Hence whose business like asset liability & stock can be transfer.
Note : plz do prepare Business Transfer Agreement.
Yes, you can
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