TaxTMI 
TaxTMI 
Eligibility of ITC where there is a change in the constitution of a registration taxable person - [Section 18(3)]
X X X X Extracts X X X X
X X X X Extracts X X X X
....n, Lease or transfer of the business As per Section 18(3) of CGST Act read along with rule 41 of CGST Rules, Where there is a change in the constitution of a registered person:- * sale, merger, demerger, amalgamation, lease or transfer of the business * with the specific provisions for transfer of liabilities, * the said registered person shall be allowed to transfer the input ta....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ted to his electronic credit ledger. * The inputs and capital goods so transferred shall be duly accounted for by the transferee in his books of account. * The registered person(transferor) input tax credit shall be apportioned in the ratio of the value of assets of the new units as specified in the de-merger scheme. * Value of Assets means the value of the entire assets of the bus....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... the ratio of the value of assets held by them at the time of registration. The 'value of assets' means the value of the entire assets of the business whether or not input tax credit has been availed thereon. * The newly registered person (transferee) shall, accept the details so furnished by the registered person (transferor) and, upon such acceptance, the unutilised input tax credit spe....