Transfer of input tax credit after a sole proprietor's death - transferee may claim unutilized ITC by prescribed GST procedure. Where a sole proprietor dies and the business is continued by a transferee or successor, unutilized input tax credit in the transferor's electronic credit ledger may be transferred to the transferee by the transferee filing FORM GST ITC-02 in respect of the registration to be cancelled; FORM GST ITC-02 must be filed before filing the cancellation application, and upon acceptance the specified credit will be credited to the transferee's electronic ledger. The transferee/successor must register effective from the date of transfer and, together with the transferor, is jointly and severally liable for tax, interest or penalty due from the transferor.
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Provisions expressly mentioned in the judgment/order text.
Transfer of input tax credit after a sole proprietor's death - transferee may claim unutilized ITC by prescribed GST procedure.
Where a sole proprietor dies and the business is continued by a transferee or successor, unutilized input tax credit in the transferor's electronic credit ledger may be transferred to the transferee by the transferee filing FORM GST ITC-02 in respect of the registration to be cancelled; FORM GST ITC-02 must be filed before filing the cancellation application, and upon acceptance the specified credit will be credited to the transferee's electronic ledger. The transferee/successor must register effective from the date of transfer and, together with the transferor, is jointly and severally liable for tax, interest or penalty due from the transferor.
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