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Itc transfer

Jyoti Narang (Kkk) (1204 Points)

21 August 2020

if a firm wants to transfer itc to a New firm what's the procedure of it. n form for it.

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5 Replies

prasad Nilugal (3914 Points)
Replied 21 August 2020

Are they having two different GSTN number ?.

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Jyoti Narang (Kkk) (1204 Points)
Replied 21 August 2020

Yes of course because of change in constitution of firm from proprietor to partnership firm with same name

prasad Nilugal ( GST Practitioner & Accounts ) (14801 Points)
Replied 21 August 2020

As per section 18 sub section (3) of the CGST 2017 , you can transfer input Tax credit which remain underutilized in his Electronic credit ledger , when change in the constitution of a registered person in case of transfer of business .

However as per rule 41(2) of the CGST rule 2017 , The transferor shall also submit a copy of a certificate issued by a practicing chartered Accountant certifying transfer of Business has been done with a specific previsions for the transfer liabilities .

please confirm with others also.