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  • Tax Matters: Can the inheritor avail the ITC of a proprietary firm?

    ITC can be claimed on taxable exports and zero-rated supplies but not on exempt, nil rated, non-GST supplies and goods and services used for non-business purpose

    I am 44 years old. My husband died recently. He had good business sense. Unfortunately, though I am educated, I did not pay much attention to his business that I am now forced to run because I have two minor children. Can you guide me on the input tax credit (ITC) of my late husband's sole proprietary concern?

    — Smita, e-mail

    If the business of a deceased sole proprietor is continued by any person, being transferee or successor, the ITC remaining un-utilized in the electronic credit ledger is allowed to be transferred to the transferee.

    The transferee or the successor has to be registered from the date of such transfer or succession of a business for any reasons including death of the proprietor. While filing application in Form Goods and Services Tax (GST) Reg-01 electronically in common portal, the applicant is required to mention ‘Death of the proprietor' as the reason to obtain registration.

    The transferee or the successor has to file Form GST ITC-02 with a request for transfer of utilized input as credit by logging on ‘Deceased expire'. Form GST ITC-02 is required to be filed by the transferee or the successor before filing the application for cancellation of the registration. On acceptance by the transferee or the successor, the un-utilized ITC specified in Form GST ITC-02 is credited to his electronic credit ledger.

    The legal heir of the deceased sole proprietor of a business has to file application for cancellation of registration in Form GST REG-16 electronically on common portal on account of transfer of business for any reason including death of the proprietor. In Form GST REG-16, the reason for cancellation is required to be mentioned as ‘Death of sole proprietor'. The GST identify number (GSTIN) of the transferee to whom the business has been transferred is also required to be mentioned to link the GSTIN of the transferor with the GSTIN of transferee.

    When a person liable to pay tax, interest or penalty under the Central GST Act, 2017, dies, then the person who continues the business is liable to pay tax, interest or penalty due from such person under the Act.


    There is tremendous confusion about input tax credit (ITC). What are the conditions to avail of ITC? When can ITC be reversed? When is ITC not available?

    — Shreyash, e-mail

    ITC allows reduction of tax already paid on purchases while paying tax on sales. Only a person registered for goods and services tax (GST) can avail ITC. ITC can be claimed if the goods and services received are used for business. The person must possess a tax invoice, debit or credit note or supplementary Invoice issued by the supplier. Supplier must have filed all returns. The person claiming ITC has to ensure that the tax charged has been paid to the government by the supplier. He should have completed invoice-matching to arrive at the final ITC post reversals.

    ITC cannot be used for payment of interest and penalty. State GST (SGST) paid in a state cannot be used as credit for payment of SGST of another state. Supplier has to pay tax on advance receipts. Recipient can avail ITC only when a tax invoice is issued and goods and services are received.

    The invoice amount has to be paid by the recipient within 180 days from the date of invoice or else credit taken will be reversed and output tax will be payable. Credit can be reclaimed when the invoice amount has been paid.

    GST paid under reverse charge can also be used as ITC if such goods and services are used in the course of or furtherance of business. No ITC will be allowed if depreciation has been claimed on the tax component of a capital good. If goods are received in instalment against a single invoice then ITC can be availed on receipt of last instalment.

    ITC can be claimed on taxable exports and zero-rated supplies. ITC cannot be availed on exempt, nil rated, non-GST supplies and goods and services used for non-business purpose.

    ITC cannot be availed on motor vehicles and conveyances. The exception being reselling of motor vehicles and conveyances, using them for transport of passengers and goods and for imparting training on driving, flying and navigating. ITC cannot be availed on food and beverages, outdoor catering, beauty treatment, health services, cosmetic and plastic surgery, except used for providing same category of output services.

    Membership of club, health and fitness centre is outside the scope of ITC. Rent-a-cab, health insurance and life insurance are also ineligible for ITC, except when it is obligatory for employers to provide these services to employees or used for providing same category of output services and travel benefit extended to employees on vacation such as leave or home travel concession.

    Works contract service for construction of an immovable property, except plant and machinery, and for providing further supply of works contract service cannot avail of ITC. Construction of an immovable property, except plant and machinery on own account, and goods or services or both on which tax has been paid under composition scheme are outside the purview of ITC.

    Goods or services or both used for personal purpose and received by a non-resident taxable person, except for any of the goods imported by him, too, do not qualify for ITC. Goods lost, stolen, destroyed, written off or disposed of by way of gift or free samples will not be eligible for ITC.

    ITC will not be available for any tax paid due to non-payment or short tax payment, excessive refund or ITC utilized or availed by fraud, wilful misstatements and suppression of facts or seizure of goods.

    The time limit to claim ITC is earlier of the due date of filing GST return of September of the next financial year or the date of filing annual returns relevant for that financial year.


    I am a pensioner paying income tax. My income is from pension and interest earned on bank fixed deposits. In the previous financial year, i.e., 2018-19, I sold 100 shares of L&T. After invoking the god-fathering clause, my long-term capital gain (LTCG) is Rs 30000. Which income tax (IT) form should I use to filing the IT returns for assessment year 2019-20? Where should I show the LTCG of Rs 30000?

    — Venkoba Rao More dated 17/06/2019

    The use of forms to file IT returns (ITR) depend on the source of income. ITR Form 2 is for individuals with pension and capital gains income and not having income from ‘Profit and gains from business or profession'. Thus, you have to file ITR-2. CG details can be shown in schedule CG: Computation of income under capital gains.

    ITR-2 form is for individuals and Hindu undivided families receiving income other than income from ‘Profit and gains from business or profession'. It is used by persons with income from salary or pension and income from more than one house properties. Those making long- or short-term capital gains or loss on sale of investments or property, too, have to fill ITR-2 form. Income from other sources including winning from lottery, bets on race horses and other legal means of gambling is to be shown in ITR-2 form and so also income from foreign assets and agricultural income more than Rs 5000.


    Goods and services tax (GST) gives a lot of importance to tax invoice and credit and debit notes. Can you elaborate?

    — Tejash, e-mail

    A registered person supplying taxable goods or services has to issue a tax Invoice showing the description, quantity of goods, value of goods or services, the tax charged and other particulars as prescribed during removal or delivery of goods or before or after the provision of service. Tax invoice is a perquisite to claim input tax credit (ITC).

    Tax invoice has to be prepared in triplicate. The original goes to the recipient, the duplicate to the transporter. The triplicate is for the supplier of goods. Invoice should be in duplicated when services are supplied. The original is for the recipient and the duplicate for the supplier.

    Tax invoice has to be issued within the prescribed period and before or while removing goods. It has to be issued before or while delivering goods to the recipient when the supply does not require movement of goods.

    Tax invoice has to be issued within 30 days from the date of supply of service. If the supplier of services is an insurer, bank, financial institution or NBFC, invoice has to issued within 45 days from the date of supply of service.

    Tax invoice need not be issued if the value of goods or services or both is less than Rs 200. When successive statements of accounts or successive payments are involved in continuous supply of goods, invoice is to issued before or when each payment is received.

    Tax invoice has to be issued before due date of payment when there is continuous supply of service and due date of payment is ascertainable, on date of payment, when due date of payment is not ascertainable or on or before date of completion of that event when payment is linked with completion of milestones.

    If goods are transported in a semi-knocked-down, completely-knocked-down condition, in batches or in lots, the complete invoice has to issued before dispatch of the first consignment. Thereafter, delivery challan has to be issued for each of the subsequent consignments, giving reference of the invoice. Each consignment is to be accompanied by copies of the corresponding delivery challan along with a duly certified copy of the invoice. The original copy of the invoice has to be sent along with the last consignment.

    A registered taxable person, on receipt of advance payment for any supply of goods or services by him, has to issue a receipt voucher evidencing receipt of such payment. If, subsequently, supply is not made and tax invoice not issued, refund voucher has to be issued against such payment.

    A registered person liable to pay tax under reverse charge has to issue an invoice for goods or services received by him on the date of receipt from the supplier who is not registered under the Central GST (CGST) or the State GST (SGST) Act, 2017. Such registered person has to issue payment voucher when payment is made to supplier.

    Supplier can issue the recipient credit note when tax invoice has been issued for supply of any goods or services and the taxable value is found to exceed the taxable value of such supply, goods supplied are returned by the recipient or services are deficient.

    Supplier has to issue to the recipient debit note when tax invoice has been issued for supply of any goods or services and the taxable value in the invoice is found to be less than the taxable value of the supply.

    If application for GST registration is made within 30 days from the date to pay GST, supplier can issue revised invoices for GST for the period between the date of grant of registration certificate and the effective date of registration so that ITC can be availed by the recipient of the supplier.

    Tax invoice, bill of supply or receipt voucher and debit or credit note should contain all the prescribed details. A person who is not a registered cannot collect any tax on the supply of goods or services under the CGST or SGST Act.

    The replies are only in the nature of guidelines. The tax counsellors and the publication are not responsible for any decision taken by readers on the basis of the same. Readers may e-mail their queries on direct taxation to: tax-matters@capitalmarket.com

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Flash News 03-Jul-2020
  •  ( 16:18) Cadila successfully completes pre-clinical development for COVID-19 vaccine.  
  •  ( 16:17) Nifty ends above 10,600 as RIL, IT stocks boost gains  
  •  ( 13:29) TCS to announce Q1 June 2020 results on 9 July  
  •  ( 13:26) Affle India signs agreement to acquire 8% stake in OSLabs Pte. for $2.86 mil.  
  •  ( 13:21) The Nifty was hovering below 10,600 level  
  •  ( 13:19) European markets open higher on positive macro-economic data  
  •  ( 12:22) Affle India signs agreement to acquire 8% stake in OSLabs Pte. for $2.86 mil.  
  •  ( 12:22) Affle (India) signs agreement to acquire 8% stake in OS Labs Pte. for $2.86 million  
  •  ( 11:49) KKR enters into a SPA to purchase a controlling stake in JB Chem. & Pharma.  
  •  ( 10:43) Muthoot Finance to consider stock split on Jul. 18  
  •  ( 10:21) Aberdeen Standard buys 0.20% stake in Ujjivan Financial Services on Jun. 29  
  •  ( 09:52) PI Industries will consider QIP on Jul. 7 with floor price at Rs 1,534.24 per share  
  •  ( 09:44) PI Industries to raise QIP on Jul. 7 with floor price at Rs 1,534.24 per share  
  •  ( 09:44) PI Inds. will consider QIP on Jul. 7 with floor price at Rs 1,534.24 per share  
  •  ( 09:28) Strong market breadth  
  •  ( 09:25) Sensex spurts above 36,000 level  
  •  ( 09:25) HDFC Life will replace Vedanta in Nifty 50 from 31 July  
  •  ( 09:19) Market opens on positive note  
  •  ( 08:13) Intel Capital invests Rs 1,894.50 crore in Jio Platforms  
  •  ( 08:07) Wall Street closes higher after biggest payrolls jump on record  
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