Conversion of LLP in Pvt Ltd Company

[Harshit Sanghvi]

We have converted LLP on 28/04/2022 to a Pvt Ltd company and have taken new GST registrations of Pvt Ltd Company.Now we have to file ITC 02 in LLP to transfer all the unutilised credit to Pvt Ltd.

Below are the questions:

1. How we can prove that business has been converted with specific provision to transfer liabilities.

2. We have tried to match all the credit but still if ITC appears in GSTR 2B after transfer then what is to be done.

3. Is there any time limit to file ITC 02?

4. Is there any time limit to surrender LLP GSTNumber?

AI Summary

Transfer of Input Tax Credit: LLP-to-private company conversions require certified liability transfer and transferee acceptance for credit migration.
Conversion of an LLP to a private company requires a certificate from a practicing chartered or cost accountant certifying the transfer of business with a specific provision for transfer of liabilities. The transferor uploads input tax credit details and the transferee accepts them; on acceptance the credit is credited to the transferee's electronic credit ledger. Rule 41 does not prescribe a time limit for filing ITC 02 or for cancelling the transferor's GST registration, and practitioners commonly verify liabilities by reconciling opening balances in the transferee's books.