11 October 2020
In case of Business succession, what is the treatment of unadjusted GST paid on Mobilisation advance. There is no sale against the remaining advance and the business succession took place and now sale is to booked by new company and respective advance to be adjusted there. There is no such procedure mentioned in the act and also no specified form to transfer such advance. Please help out with this query.
11 October 2020
1.You can refund the unadjusted advance to the customer by issuing refund voucher under old registration and receive the advance in new registration. 2. You can apply for refund u/s 54 as refund of of GST paid as excess payment of tax under he old registration.
CAclubindia
