Rules Rule 41A of CGST Rules 2017 i.e. Transfer of credit between separate registrations within State or union Territory

Financial Year: 2017

Rule 41A of CGST Rules

 

Transfer of credit on obtaining separate registration for multiple places of business within a State or Union territory

 

 

 

 (1) A registered person

who has obtained separate registration for multiple places of business

in accordance with the provisions of rule 11

and who intends to transfer,

either wholly or partly,

the unutilised input tax credit lying in his electronic credit ledger

to any or all of the newly registered place of business,

shall furnish within a period of thirty days from obtaining such separate registrations,

the details in FORM GST ITC-02A electronically on the common portal,

either directly or through a Facilitation Centre notified in this behalf by the Commissioner

 

Provided that the input tax credit shall be transferred to the newly registered entities

in the ratio of the value of assets held by them at the time of registration.

 

Explanation.-

 

For the purposes of this sub-rule, it is hereby clarified that the

value of assets means the value of the entire assets of the business

whether or not input tax credit has been availed thereon.

 

 

(2) The newly registered person (transferee) shall,

on the common portal,

accept the details so furnished by the registered person (transferor)

and, upon such acceptance,

the unutilised input tax credit specified in FORM GST ITC-02A

shall be credited to his electronic credit ledger

 

Thanks

CA Rahul Gupta