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Recently gst portal allow additional Trade name

04 June 2022

sir
recently gst portal allow additional Trade name

i have proprietorship firm in textile manufacturing business

due to inverted tax structure i have credit balance of unutilized input tax credit

now can i use this itc credit with new proprietorship different vertical service based business with additional trade name in same pancard.

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5 Replies

CA Rashmi Gandhi (Chartered Accountant) (86308 Points)
Replied 04 June 2022

No you can't. You can claim refund of ITC accumulated due to inverted duty structure

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Mitesh Patel (75 Points)
Replied 04 June 2022

But in same gst number itc balance of two business

itc claim, balance all things go with together

how i can manage individual itc balance ?

CA Altamush Zafar (GST Consultant) (15966 Points)
Replied 04 June 2022

If both business are under your proprietorship under the same GSTIN then you can utilise ITC. No issue.

All conditions for ITC is on availment, you availed fulfilling all conditions. Then it becomes your vested right. You can utilise it whenever you want.