CGST Rules Rule 41 — Transfer of credit on obtaining separate registration for multiple places of business

CGST Rules, 2017 · Transfer of credit on obtaining separate registration for multiple places of business

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Rule 41 of the CGST Rules, 2017 governs Transfer of credit on obtaining separate registration for multiple places of business. It establishes the detailed procedural framework and compliance requirements necessary to implement the corresponding provisions of the CGST Act. Rule 41 CGST: Transfer of credit on obtaining separate registration for — eligibility, conditions, case laws and compliance impact under Indian tax law.

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(1)A registered person shall, in the event of sale, merger, de-merger, amalgamation, lease or transfer or change in the ownership of business for any reason, furnish the details of sale, merger, de-merger, amalgamation, lease or transfer of business, in FORM GST ITC-02, electronically on the common portal along with a request for transfer of unutilized input tax credit lying in his electronic credit ledger to the transferee:

Provided that in the case of demerger, the input tax credit shall be apportioned in the ratio of the value of assets of the new units as specified in the demerger scheme.

Explanation : - For the purpose 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.¹

(2)The transfer or shall also submit a copy of a certificate issued by a practicing chartered accountant or cost accountant certifying that the sale, merger, de-merger, amalgamation, lease or transfer of business has been done with a specific provision for the transfer of liabilities.

(3)The transferee shall, on the common portal, accept the details so furnished by the transfer or and, upon such acceptance, the un-utilized credit specified in FORM GST ITC-02 shall be credited to his electronic credit ledger.

(4)The inputs and capital goods so transferred shall be duly accounted for by the transferee in his books of account.

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Amendment History

1Superscript numbers in the text mark amended passages — click them to jump here. Click "↑ view in text" to jump back.

2019↑ view in text

Inserted (w.e.f. 01.04.2019) vide Notification No. 16/2019 -CT dated 29.03.2019

CGST Rules Rule 41 — Transfer of credit on obtaining separate registration for multiple places of business

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