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of <h1>Clarification on Input Tax Credit Apportionment for Business Reorganizations under WBGST Act Section 18(3) and Rule 41(1.</h1> The circular provides clarification on the apportionment of input tax credit (ITC) during business reorganizations under section 18(3) of the WBGST Act and rule 41(1) of the WBGST Rules. It addresses issues related to mergers, demergers, and other business changes, specifying that ITC should be apportioned based on the value of assets at the state level, not all-India level. The transferor must file FORM GST ITC-02 in states where both parties are registered. The formula for ITC apportionment applies to all business reorganizations involving partial asset transfers, and the relevant ITC balance is determined on the filing date of FORM GST ITC-02.
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