Conversion of LLP in Pvt Ltd Company

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..... Conversion of LLP in Pvt Ltd Company
Query (Issue) Started By: - Dilip Sanghvi Dated:- 25-5-2022 Last Reply Date:- 29-5-2022 Goods and Services Tax - GST
Got 4 Replies
GST
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 que .....

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..... stions: 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? Reply By Ganeshan Kalyani: The Reply: Sir, reply to 1. as per rule 4 .....

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..... 1 the transferor shall also submit a copy of a certificate issued by a practicing chartered accountant or cost accountant certifying that the sale, merger, de-merger, amalgamation, lease or transfer of business has been done with a specific provision for the transfer of liabilities. reply to 2. the transferee shall accept the details of input tax credit uploaded by transferor. On acceptance the c .....

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..... redit shall be credited to electronic credit ledger. Once this is done then any ITC appearing in 2B shall not be allowed to transfer again. reply to 3. time limit is not mentioned in rule 41. reply to 4. no time limit prescribed. Reply By Dilip Sanghvi: The Reply: Thanks for the reply sir in continuation to the above how to verify that all liabilities are transferred In general sense we mak .....

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..... e a new company in tally and put all the opening balances in new company this means that all liabilities are taken in new company books or is there any other method Reply By Shilpi Jain: The Reply: 1. The fact that it's a conversion From LLP to pvt co would mean it is entirely transferred right? Why is this ques posed. Am I missing anything? No time limit for filing ITC-02. Cancellation a .....

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..... lso no specific time limit in law but apply it to be effective from date of conversion. Reply By Dilip Sanghvi: The Reply: I dont know why law has specifically mentioned liability transfer. Bcz in conversion we always transfer 100% assets and Liabilities
Discussion Forum - Knowledge Sharing .....

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