https://www.taxtmi.com/circulars?id=66594 The circular clarifies that ITC on demerger or similar partial business reorganizations is apportioned at the State/registration level using the value of assets ratio from the scheme; "value of assets" covers entire business assets. The ratio applies to the transferor's total unutilized ITC (sum of CGST, SGST/UTGST, IGST and cess) and the transferor may allocate the transferable amount among tax heads when filing Form GST ITC 02. The asset ratio is to be taken as on the scheme's appointed date, while the ITC balance used is that on the date of filing Form GST ITC 02. en-us Tue, 21 Apr 2020 00:00:00 +0530 Tue, 11 Jul 2023 18:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=66594 The circular clarifies that ITC on demerger or similar partial business reorganizations is apportioned at the State/registration level using the value of assets ratio from the scheme; "value of assets" covers entire business assets. The ratio applies to the transferor's total unutilized ITC (sum of CGST, SGST/UTGST, IGST and cess) and the transferor may allocate the transferable amount among tax heads when filing Form GST ITC 02. The asset ratio is to be taken as on the scheme's appointed date, while the ITC balance used is that on the date of filing Form GST ITC 02. Circulars GST - States Tue, 21 Apr 2020 00:00:00 +0530 https://www.taxtmi.com/circulars?id=66594