Hello Sir, there is change in Constitution from Proprietorship to Partnership firm. Section 18(3) talks about Certification by CA/ CMA While filing ITC-02. i want to know whether the amt of ITC to be transfered to new firm is to be Certified or just that the Firm is taking over all the liabilities of Proprietorship is to be certified.
or can the Proprietorship firm sell all its Stock at cost (with GST) to new Partnership Firm?
Transferring ITC in Business Restructuring: Chartered Accountant's Certification Required for ITC-02 Filing Under GST Rules A user inquired about the process of transferring Input Tax Credit (ITC) when changing a business structure from a proprietorship to a partnership under GST regulations. The discussion highlighted that a Chartered Accountant's certification is necessary for filing ITC-02. It was clarified that the transfer of business as a going concern is not treated as a supply, hence stock cannot be sold. The certification should cover the unutilized ITC amount to be transferred. Questions about the change in PAN and the terms of transfer were also raised. (AI Summary)
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