Change in Constitution

[varsha jain]

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?

AI Summary

Input tax credit transfer requires certification of unutilized ITC when a proprietorship converts into a partnership.
A CA/CMA certificate is required when filing ITC-02 to certify the amount of unutilized ITC to be transferred on change of constitution from proprietorship to partnership; transfer as a going concern is excluded from supply under Schedule II para 4(c), so stock should be transferred as part of the going concern, and matching the amount of ITC to be transferred must be documented.