Acquisition of Business

[Murari Agrawal]

Dear Experts, we are a partnership firm propose to acquire the business of another partnership firm with all its assets & liabilities. After such acquisition, we hope we can get the transfer of balances lying in their GST Credit ledgers to our respective Credit ledgers. Seeking your valued opinion.

AI Summary

Partnership Firm Acquisition: Transferring GST Credit Under Rule 41, Exemption for Going Concern via Notification No. 12/17-CT(Rate). A partnership firm plans to acquire another firm's business, including its assets and liabilities, and seeks advice on transferring GST credit balances. An expert advises that this is permissible under Rule 41 of the CGST Rules, 2017, requiring the transferee to electronically file Form GST ITC-02. Additionally, services involving the transfer of a going concern are exempt from GST as per Notification No. 12/17-CT(Rate). Another expert confirms that the GST liabilities and credit of the acquired firm will carry forward to the acquiring firm.