Schedule I

If you are having  credit  in old GSTN  , then  its better  to take  refund  rather than transfer . as  per section 49 sub section 6 of the CGST act 2017 

sir,

UnUtilized ITC available in ledger can be claimed as refund but as per section-54 only,

And the section allows refund in two cases
1.zero rated supply
2.inverted duty tax.

Also if we are claiming refund of export duty I.e duty drawback no refunds of ITC will be allowed.

So how to tackle this issue.

You can file ITC 02 for transfer of ITC to your new firm


Note : Plz have to check whether ITC 02 can be filed between interstate GSTN , means if it accept the GSTN of transferee from other state

As per section 18(3) talks about the transfer of ITC (ITC 02) , where there is change in Constitution. Change of business from 1 state to another state is not the case . And If its not working (ITC 02), then you may supply all that stock to your new Unit by paying tax gst in Transferor Unit & claim Input in Transferree Unit , but your capital will be block till you utilize the same. Plz Read the below the schdule II (4) [c] where any person ceases to be a taxable person, any goods forming part of the assets of any business carried on by him shall be deemed to be supplied by him in the course or furtherance of his business immediately before he ceases to be a taxable person, unless— [i] the business is transferred as a going concern to another person

As per section 18(3) talks about the transfer of ITC (ITC 02) , where there is change in Constitution. Change of business from 1 state to another state is not the case . And If its not working (ITC 02), then you may supply all that stock to your new Unit by paying tax gst in Transferor Unit & claim Input in Transferree Unit , but your capital will be block till you utilize the same. Plz Read the below the schdule II (4) [c] where any person ceases to be a taxable person, any goods forming part of the assets of any business carried on by him shall be deemed to be supplied by him in the course or furtherance of his business immediately before he ceases to be a taxable person, unless— [i] the business is transferred as a going concern to another person

GST ITC 02 only accepting GSTN of transferee that is within the state.

Thanks.

DEAR GUPTA GOPAVARAPU ; THATS WHAT IAM DOUBTING, BECAUSE THE LAW IS ALSO READ OUT LIKE....

DEAR GUPTA GOPAVARAPU ; THATS WHAT IAM DOUBTING, BECAUSE THE LAW IS ALSO READ OUT LIKE....THE BUSINESS IS TRANSFER AS GOING CONERN TO ANOTHER PERSON (MEANS THE ONLY CONSTITUTION/OWNERSHIP  CHANGED)