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.
5 Replies
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 04 June 2022
No you can't. You can claim refund of ITC accumulated due to inverted duty structure
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 ?
itc claim, balance all things go with together
how i can manage individual itc balance ?
CA Altamush Zafar
(GST Consultant)
(15971 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.
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 04 June 2022
If both business are already under one GST registration and input of both business are accumulated together then you can utilise it.
But i suggest you take separate registration for both business and take refund of accumulated ITC under inverted duty structure.
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