Whether unutilized ITC as closing balance in partnership firm can be transferred to private limited co. https://www.taxtmi.com/forum/issue?id=116041 The adviser concludes that the unutilized Input Tax Credit in the partnership firm shall not lapse and that the only available recourse is to invoke Section 18(3) of the CGST Act to address transfer/continuity of the credit; no favourable case law, AAR decision, or Board circular was found. en-us Fri, 21 Feb 2020 00:44:06 +0530 Thu, 23 Jan 2025 15:54:49 +0530 TaxTMI RSS Generator Whether unutilized ITC as closing balance in partnership firm can be transferred to private limited co. https://www.taxtmi.com/forum/issue?id=116041 The adviser concludes that the unutilized Input Tax Credit in the partnership firm shall not lapse and that the only available recourse is to invoke Section 18(3) of the CGST Act to address transfer/continuity of the credit; no favourable case law, AAR decision, or Board circular was found. Discussion-Forum GST Fri, 21 Feb 2020 00:44:06 +0530 https://www.taxtmi.com/forum/issue?id=116041