Balance c/f of input tax

satya (Executive Excise) (1839 Points)

02 November 2012  

Dear Experts,

Recently our unit (located in AP) name has been changed under Slump Exchange agreement between our 2 group of companies. In this connection we have registered our unit as a fresh AP VAT no. but as per exchange agreement all the Assets , Liabilities and transactions of the entity will be carry forward as ususal. even any statutory dues/liabilities/penalities arise in future also transfered to the new enitty.

We have some balance amount of Input tax credit in the existing name.  Now we need to take the same ITC balance in to the new entity. Kindly advise the procedure and correctness of the transaction.