Change in Constitution

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..... Change in Constitution
Query (Issue) Started By: - varsha jain Dated:- 21-7-2019 Last Reply Date:- 22-7-2019 Goods and Services Tax - GST
Got 6 Replies
GST
Hello Sir, there is change in Constitution from Proprietorship to Partnership firm. Section 18(3) talks about Certification by CA/ CMA While filing ITC-02. i want to know whether the amt of ITC to be transfered to new firm is to be .....

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..... Certified or just that the Firm is taking over all the liabilities of Proprietorship is to be certified. or can the Proprietorship firm sell all its Stock at cost (with GST) to new Partnership Firm? Reply By KASTURI SETHI: The Reply: 1. C.A.'s certificate is required. 2. In terms of Para 4(c) of Schedule II to the CGST Act, 2017, transfer of business as a going concern is not treated as s .....

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..... upply and thus, the same stands excluded from the scope of supply of goods. In view of above, stock cannot be sold. Reply By Ganeshan Kalyani: The Reply: Whether PAN is going to be changed. Reply By DR.MARIAPPAN GOVINDARAJAN: The Reply: As per section 18(3) the proprietorship can transfer the entire ITC to the partnership. The certificate is required while filing ITC - 02. The transfer is, I .....

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..... think, on going concern basis. Then the stock is also to be transferred. What about the terms of transfer from proprietorship to partnership? Reply By varsha jain: The Reply: Sir what needs to be Certified... (1) is it the amount of ITC that is to be certified or (2) the fact that the Firm is taking over all the liabilities of Proprietorship is to be certified. Reply By KASTURI SETHI: The .....

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..... Reply: Amount of ITC which is unutilized and to be transferred, is to be certified. Reply By DR.MARIAPPAN GOVINDARAJAN: The Reply: Amount of ITC matched and amount of ITC to be transferred are to be certified.
Discussion Forum - Knowledge Sharing .....

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