Input tax credit transfer on change in business constitution allows unutilised ITC to move to transferee upon prescribed compliance. Unutilised input tax credit may be transferred on change in constitution of a registered person due to sale, merger, demerger, amalgamation, lease or other transfer of business where liabilities are specifically transferred. The transferor must provide a practicing chartered or cost accountant's certificate and submit prescribed details; the transferee must accept them for crediting of ITC via FORM GST ITC-02. Inputs and capital goods must be accounted for by the transferee and ITC is apportioned by the ratio of value of assets. Separate registrations permit transfer by FORM GST ITC-02A within thirty days, apportioned by asset value.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Input tax credit transfer on change in business constitution allows unutilised ITC to move to transferee upon prescribed compliance.
Unutilised input tax credit may be transferred on change in constitution of a registered person due to sale, merger, demerger, amalgamation, lease or other transfer of business where liabilities are specifically transferred. The transferor must provide a practicing chartered or cost accountant's certificate and submit prescribed details; the transferee must accept them for crediting of ITC via FORM GST ITC-02. Inputs and capital goods must be accounted for by the transferee and ITC is apportioned by the ratio of value of assets. Separate registrations permit transfer by FORM GST ITC-02A within thirty days, apportioned by asset value.
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