Q. 339 I am paying 5 % under reverse charge for GTA services. Can I take input tax credit for the amount paid ?

Ans. Yes, you can avail the ITC.

Q. 338 If a firm is dissolved due to death of one of the partner. The second partner took over the business as a sole proprietorship. There is a stock of goods worth Rs.1 crore taxable GST 12%. What would be the status of GST on the stock transfer from such dissolved firm to remaining partner as proprietor ?

Ans. As per section 18(3) of CGST Act, where there is a change in the constitution of a registered person on account of sale, merger, demerger, amalgamation, lease or transfer of the business with the specific provisions for transfer of liabilities, the said registered person shall be allowed to transfer the input tax credit which remains unutilised in his electronic credit ledger by filing the FORM ITC-02 on the GST portal.

Q. 337 A car purchased in the name of firm on aug-2016 Rs. 1097277/- car to sale of Rs. 420000/-.pl advise about GST

Ans. GST will be charged on the difference between the consideration received on its sale and the Written Down Value (as per income tax).