https://www.taxtmi.com/circulars?id=67567 Clarification requires apportionment of unutilized input tax credit at the level of each distinct State registration using the value of entire assets specified in the demerger scheme for that State. The proviso's asset-value ratio applies to all partial business reorganisations transferring assets with liabilities and is to be applied to the total unutilized ITC (sum of CGST, SGST/UTGST, IGST and cess). The ITC balance considered is that on the date of filing Form GST ITC-02, while the asset ratio is taken as on the scheme's appointed date. en-us Fri, 29 May 2020 00:00:00 +0530 Tue, 25 Jun 2024 18:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=67567 Clarification requires apportionment of unutilized input tax credit at the level of each distinct State registration using the value of entire assets specified in the demerger scheme for that State. The proviso's asset-value ratio applies to all partial business reorganisations transferring assets with liabilities and is to be applied to the total unutilized ITC (sum of CGST, SGST/UTGST, IGST and cess). The ITC balance considered is that on the date of filing Form GST ITC-02, while the asset ratio is taken as on the scheme's appointed date. Circulars GST - States Fri, 29 May 2020 00:00:00 +0530 https://www.taxtmi.com/circulars?id=67567