SSG (1936 Points)
19 May 2020The assessee is running trading of cloth business under proprietorship business. Now he wants to transfer his business to another proprietor ship firm. The transferee firm already has gst no. and running similar business.
What is the procedure of transfer of business in this case and what forms needs to be filed by transferor and transferee under GST. On date of transfer i.e. 1st april 2020, the transferor firm has stock of Rs. 4 lacs but no GST ITC available as per records.
jashwanth
(CA-PRACTICE)
(400 Points)
Replied 19 May 2020
SSG
(1936 Points)
Replied 19 May 2020
Only the proprietor will change. The business will run as such. Please advise the procedure.
Pankaj Rawat
(GST Practitioner)
(55052 Points)
Replied 19 May 2020
SSG
(1936 Points)
Replied 20 May 2020
Thanks Mr. Pankaj. In this case do transferor firm need to file any other GST Form apart from form for cancellation of GST no.?
Pankaj Rawat
(GST Practitioner)
(55052 Points)
Replied 22 May 2020
DEAR SSG
NO........ AS ITC 02 IS APPLICABLE IN THIS CASE TO TRF. THE CREDIT BALANCE IN CREDIT LEDGER, BUT SINCE YOU HAVE ALREADY CLEAR THAT THERE IS NO BALANCE IN ELECTRONIC CREDIT LEDGER AVAILABLE SO NOT REQUIRED TO FILE ITC02
NOTE : FOR SAFER SIDE CAN INTIMATE DEPARTMENT BY PUTTING MAIL FOR THE SAME
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