M/s. Suarj Vidyut (JV) is a Joint Venture in the form of AOP.
A new Partnership named M/S. Suraj Vidyut was created with two additional partners .New PAN and GSTIN also taken. There is a clause in partnership deed that Join venture will get converted into a Partnership firm w.e.f.- 01.04.2021.
Above said Joint venture has paid taxability of Rs. 3 Crores on Advance of Rs. 25 Crores.
Partnership firm has issued a Tax Invoice.
Question: (A) Whether Partnership Firm can get transferred Un-Utilized Input Tax Credit (ITC) from Joint Venture through ITC-02.
(B) Whether partnership firm can adjust liability of outward taxability in GSTR-1 with tax paid on advance amount received in Suraj Vidyut (JV).
Pls suggest any other alternative way to cater this issue.
CAclubindia
