Transfer Cash Ladger Balance

[CHETAN CHOTALIYA]

Sir, I have a change of the constitution of the business in GST, proprietor converted to a partnership firm, Now how to the transfer cash ledger balance from proprietor into the firm?

Thanking You

[KASTURI SETHI]

Dear Querist, Go to this link and also meet your jurisdictional GST Range Officer. www.ca-sunilkumar.com/convert-prop-partnership-firm-implementation-gst

[ABHISHEK TRIPATHI]

Dear Sir,

Section 18(3) r/w. Rule 41. You may only be able to transfer ‘credit’.

For credit did you file ITC-02?

Not sure, may be refund is the route you should try for getting the amount lying in the cash ledger.

Kindly seek well researched opinion on this.

[Ganeshan Kalyani]

I agree with the views of the experts.

[CHETAN CHOTALIYA]

For credit did you file ITC-02?

Yes, already filed.

AI Summary

Business Owner Seeks Advice on Transferring Cash Ledger Balance with GST Change; ITC-02 Filing Confirmed Under Section 18(3), Rule 41. A business owner inquired about transferring a cash ledger balance from a sole proprietorship to a partnership firm due to a change in business structure under GST. One respondent suggested consulting a GST Range Officer and provided a link for guidance. Another mentioned the potential transfer of credit under Section 18(3) and Rule 41, questioning whether ITC-02 was filed and suggesting a possible refund route. A third participant agreed with the previous advice. The original inquirer confirmed that ITC-02 had been filed.