Transfer of business from mother to son
This query is : Resolved
29 March 2019
TRANSFER OF BUSINESS FROM MOTHER TO SON (i.e. from Proprietor to Proprietor)
What is the process for transfer of business from mother to son (not reason of death)?
Can son cliam ITC by way of ITC - 02 Form?
Is there any manual procedure to be followed?
What is the process for transfer of business from mother to son (not reason of death)?
Can son cliam ITC by way of ITC - 02 Form?
Is there any manual procedure to be followed?
29 March 2019
Raise a Invoice and sale the all the inventory to Son's GSTN.
29 March 2019
That mean we can not take credit bt ITC 02, right?
29 March 2019
GST ITC-02 Filing
GST ITC-02 can be filed for transfer or matched input tax credit in case of the following circumstances:
In case any registered institution undergoes sale, merger, de-merger, amalgamation, lease or transfer, the institution or organization must file an ITC declaration for transfer of ITC in the Form GST ITC-02.
The acquired/ transferer institution should have matched Input Tax Credit available in the Electronic Credit Ledger, that is effective from the date of merger/ acquisition/ amalgamation/ lease/ transfer.
The transferee and the transferor should have GST registration.
It is mandatory for the transferor to file all GST returns in the past periods.
All the pending transactions for the action of merging should either be accepted, rejected or modified and all liabilities of the returns filed by the transferor must be paid.
The transfer of business has to be with an accurate provision of transfer of liabilities which will be the stayed demands of tax, or with any litigation /recovery cases. It has to be accompanied by the certificate that is issued by the Chartered Accountant or Cost Accountant.
GST ITC-02 can be filed for transfer or matched input tax credit in case of the following circumstances:
In case any registered institution undergoes sale, merger, de-merger, amalgamation, lease or transfer, the institution or organization must file an ITC declaration for transfer of ITC in the Form GST ITC-02.
The acquired/ transferer institution should have matched Input Tax Credit available in the Electronic Credit Ledger, that is effective from the date of merger/ acquisition/ amalgamation/ lease/ transfer.
The transferee and the transferor should have GST registration.
It is mandatory for the transferor to file all GST returns in the past periods.
All the pending transactions for the action of merging should either be accepted, rejected or modified and all liabilities of the returns filed by the transferor must be paid.
The transfer of business has to be with an accurate provision of transfer of liabilities which will be the stayed demands of tax, or with any litigation /recovery cases. It has to be accompanied by the certificate that is issued by the Chartered Accountant or Cost Accountant.
Message likes :
1 times
29 March 2019
Ok i understand
thank u sir
thank u sir
29 March 2019
Sir whether clarification in circular no 96/15/2019 issued on 28th March, 2019, applies in our case also?
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- TDS U/S. 194NF
- Applicable TDS rate for sale of property in Nov 2024
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Payment of bonus act - notice pay recovery
- MIS MATCH OF INVOICE NUMBER
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
Trending Online Classes
CAclubindia
