I had a partnership firm registered under gst now i want to convert it under sole proprietor ship. Now I want to know that ITC credit balance available can be transferred to sole proprietor ship or not.
3 Replies
Pradeep Kamath
(Chartered Accountant)
(134 Points)
Replied 27 April 2018
There is no provision to transfer credit as such. You can consider selling stock from partnership firm to proprietorship concern with GST. If you have ITC balance in firm, it indirectly gets transferred to the proprietorship concern. If ITC is not sufficient, there may be some cashflow here.
Vivek Kumar
(Accountant)
(118 Points)
Replied 27 April 2018
there is no any provisions for transfer of ITC as such you can make sale
RAJA P M
("Do the Right Thing...!!!")
(128101 Points)
Replied 27 April 2018
@ Mr. Sadik Shaikh.,
No more provisions from Partnership to Proprietorship convert.
So,
You can take separate registration and After You ll be Take Over the other Firm..
No more provisions from Partnership to Proprietorship convert.
So,
You can take separate registration and After You ll be Take Over the other Firm..
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