cancellation of gst due to change in PAN

[BagheAli Khan]

Dear Sir,

we have a business in srinagar, jammu and kashmir, our gstin for the trading company was voluntarily cancelled due to change in pan, we had converted the company from proprietorship to partnership firm. We held stock on the day of cancellation for the old gstin, my question is whether we need to reverse the itc held for the stock, or do we need to invoice the new gstin to nil the stock.

AI Summary

Transfer of going concern: no reversal of input tax credit for stock on business conversion; file ITC-02 certified by CA.
Conversion of a proprietorship into a partnership with GSTIN cancellation due to PAN change is treated as a transfer of going concern; no reversal of input tax credit on stock (inputs, capital goods, WIP) and no need to invoice stock to nil. Parties must complete the prescribed ITC transfer form certified by a chartered accountant, upload it to the common portal, and obtain the transferee's acceptance, in accordance with CGST procedural provisions and the exemption framework for transfers of going concerns.