CARRY OVER OR REFUND OF ITC IN ELECTRONIC CREDIT LEDGER, Goods and Services Tax - GST

[SAFETAB LIFESCIENCE]

Dear Experts,

If a Private Limited company [x] is taking over the Assets and Liabilities of a Partnership Firm [Y], what will the procedure in GST act for taking over cum merger of a firm into Private limited company.

The company X is a different state and Y is in different state. After taking over the firm Y, the partners of firm Y will become as share holders of Company X. But after taking over also the firm Y will run in the same state only. Whether the firm Y has to take new GST number with PAN based of Company X. How the balance amount in Electronic Credit Ledger of firm Y can be transferred to Company X account.

Experts, please advise.

Posts / Replies

[Alkesh Jani]

Sir,

Please refer Rule 41 and 41A of CGST Rule, 2017.

Thanks,

With regards