TMI Blogclaiming of input tax creditX X X X Extracts X X X X X X X X Extracts X X X X ..... Good afternoon one and all, hi have one query. one of my clients wants to purchase a beauty parlour which was already established. The seller wants to charge on sale value of beauty parlour. The buyer (my client) wants to use the gst paid as input. Is it possibe to claim the paid gst as input. kindly reply to this thanks in advance - Reply By KASTURI SETHI - The Reply = You are to see the pro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cedure for transfer of going on concern. As per Schedule-II (serial no.4), it is a supply of services but exempted vide notification no. 12/17-CT(R) dated 28.6.17 as amended (serial no.2 refers). The business will be transferred as a whole . An assessee can transfer its un-utilized Input Tax Credit to the buyer of the business in accordance with the provisions of Section 18(3) of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... CGST/SGST Act, 2017 read with Rule 41 (1) ,(2),(3) (4) of the CGST/SGST Rules, 2017 . See the Explanation added to Rule 41(1) inserted w.e.f. 29.3.19. For more information on the issue, ITC is not to be shown in GSTR-3 B by the transferee. As soon as ITC-02 is filed and accepted by the transferor, the amount of ITC is automatically credited to the Electronic Credit Ledger of tran ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sferee. - Reply By Kashish Gupta - The Reply = Dear Shankar Durga Vara Prasad Ji The GST is not applicable when the business is transferred as a going concern. As stated by you in your query, The buyer (my client) wants to use the gst paid as input. reckons that seller has charged GST on sale. This is completely wrong because of the reason that exemption given by the Government is absolu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... te and hence mandatory. Therefore, it is advisable to transfer the unutilised input tax credit by way of filing Form GST ITC-02 only. This form is to be supported by a certificate issued by practicing chartered accountant. - claiming of input tax credit - Query Started By: - ShankarDurgaVaraPrasad P Dated:- 20-8-2020 Goods and Services Tax - GST - Got 2 Replies - GST - Discussion Forum - Kno ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... wledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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