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TMI Blogcancellation of gst due to change in PANX X X X Extracts X X X X X X X X Extracts X X X X ..... cancellation of gst due to change in PAN X X X X Extracts X X X X X X X X Extracts X X X X ..... m. We held stock on the day of cancellation for the old gstin, my question is whether we need to reverse the itc held for the stock, or do we need to invoice the new gstin to nil the stock. Reply By KASTURI SETHI: The Reply: It is a issue of transfer of going concern. No need to reverse ITC contained in stock of inputs,capital goods, work-in-progress. No need to invoice to nil stock. Procedure ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is laid down under Section 18(3) of CGST Act and Rule 41 of CGST Rules. Also go through Notification No. 12/2017-C.T. (Rate), dated 28-6-2017 (serial no.2) as amended, the activity of transfer of a going concern, as a whole or independent part thereof, is exempt from payment of so much Central Tax. The main condition is that the transaction should involve a going concern only, i.e., transfer of b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... usiness as a whole including assets and liabilities. Reply By KASTURI SETHI: The Reply: You are to fill up Form ITC-02 and it should be duly certified by CA and upload on Common Portal System and transferee will accept the same. This is only requirement. Also go through the following decision of AAR Haryana. 2019 (22) G.S.T.L. 293 (A.A.R. - GST) = 2019 (2) TMI 1080 - AUTHORITY FOR ADVANCE RULIN ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... G, HARYANA IN RE : B.M. INDUSTRIES X X X X Extracts X X X X X X X X Extracts X X X X
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