After completing the filing of the pending returns, the taxpayer can transfer the unutilised ITC to the partnership firm. Following are the steps for transferring unutilised ITC to the partnership firm:
(1) Proprietorship firm shall file in FORM GST ITC-02, along with a request for transfer of unutilized input tax credit lying in his electronic credit ledger to the partnership firm;
(2) The proprietorship firm 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.
(3) The Partnership firm shall, on the common portal, accept the details so furnished by the proprietorship firm and, upon such acceptance, the un-utilized credit specified in FORM GST ITC-02 shall be credited to his electronic credit ledger.
(4) The inputs and capital goods so transferred shall be duly accounted for by the partnership firm in his books of account.