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of <h1>Transfer Unutilized ITC to New Entity Under Section 18(3) CGST Act: Key Rules and Conditions Explained</h1> Under Section 18(3) of the CGST Act and Rule 41 of the CGST Rules, when a registered person's business undergoes a change in constitution due to sale, merger, demerger, amalgamation, lease, or transfer, the unutilized input tax credit (ITC) can be transferred to the new entity. This is contingent on submitting a certificate by a chartered or cost accountant confirming the transfer of liabilities. The transferee must accept the details, and the ITC is apportioned based on asset value. For multiple business registrations within a state, ITC can be transferred using FORM GST ITC-02A, with similar conditions and asset-based apportionment.
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