Acquisition of Business, Goods and Services Tax - GST

[Murari Agrawal]

Dear Experts, we are a partnership firm propose to acquire the business of another partnership firm with all its assets & liabilities. After such acquisition, we hope we can get the transfer of balances lying in their GST Credit ledgers to our respective Credit ledgers. Seeking your valued opinion.

Posts / Replies

[KASTURI SETHI]

It is allowed.See Rule 41 of CGST Rules, 2017. Form GST ITC-02 has to be filled electronically by the transferee. Services by way of transfer of a going concern, as a whole or independent part thereof is exempted from GST vide Serial No. 2 of Notification No.12/17-CT(Rate) dated 28.6.17 as amended.

[Ganeshan Kalyani]

GST liabilities & GST credit of the acquiring firm shall get carry forward to you partnership firm.