When there is a change in the constitution from the status of " private limited " to "LLP", : ( the same owners continue)
1) is it necessary to cancel the existing registration and apply for new registration ?
In my view it is change in the constitution and hence needs to cancel the existing registration and apply for registration as LLP entity
2) Since it is not a transfer & hence not a " supply" in terms of section 7 of CGST Act, whether ITC can be carried forward to the new entity registered under "LLP"?
In my view , going by Sec 18(3) of CGST Act , which indirectly answers this question, as it says availability of ITC when there is a change in the constitution, of the business with specific provision of transfer of liabilities.
I presume that we can rely on this section even for this scenario, as there is no "supply" or any other provisions of law is available.
Please confirm whether my views are correct?
thanks for your time