GST ITC-02 Form. Whatsapp 6367744602

What is GST ITC-02?
GST ITC-02 is the form used by a registered taxpayer (transferor) to transfer Input Tax Credit (ITC) when there is a sale, merger, demerger, amalgamation, lease, or transfer of a business. This form is essential to ensure that the remaining ITC in the electronic credit ledger is transferred to the new entity (transferee).

When is ITC-02 Required?
ITC-02 is filed when a business undergoes a:

Merger (businesses combine).
Sale of the business.
Demerger (business is split).
Amalgamation.
Lease.
Transfer of a business as a going concern.
In such cases, the ITC in the electronic credit ledger of the transferor can be transferred to the transferee (new entity), ensuring continuity in tax credits.

Key Points for Filing ITC-02:
Conditions for Transfer:

The transfer of business should be due to the above-mentioned scenarios.
The ITC transfer should be accompanied by the transfer of liabilities as well.
Both the transferor and transferee must be registered under GST.
Certificate from a Chartered Accountant:

The form must be accompanied by a certificate from a Chartered Accountant (CA) or Cost Accountant, certifying that the ITC has been transferred properly along with the transfer of liabilities.
Filing Procedure:

The transferor files Form ITC-02 electronically on the GST portal.
It includes details of the ITC to be transferred, segregated into IGST, CGST, SGST, and UTGST.
The transferee has to accept the ITC transferred through this form on the GST portal.
Once accepted, the ITC is credited to the transferee’s electronic credit ledger.
Deadline for Filing:

The form must be filed within 30 days from the date of the event (e.g., merger or sale).
Steps to File GST ITC-02:
Log in to the GST Portal:

Access the GST portal using your login credentials.
Navigate to ITC Forms:

Under the Returns section, find and select GST ITC-02.
Enter Details:

Provide details of the ITC amounts to be transferred (categorized by IGST, CGST, SGST, etc.).
Upload the CA or Cost Accountant certificate.
Submit the Form:

Once all details are entered, submit the form and confirm the transfer.
Acceptance by Transferee:

The transferee must log into their account to accept the ITC transferred.
Things to Note:
Partial ITC Transfer: In the case of demergers, only proportional ITC can be transferred, corresponding to the value of assets transferred.
Certificate Requirement: The certificate from the CA/Cost Accountant ensures that the transfer is genuine and the liabilities are accurately transferred.
Benefits of GST ITC-02:
Ensures seamless transfer of ITC between entities involved in a sale or merger.
Prevents loss of ITC during business restructuring.
Keeps the tax chain intact, minimizing disruptions for businesses undergoing organizational changes.
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Видео GST ITC-02 Form. Whatsapp 6367744602 канала CA RAJAT AGRAWAL - MY JAIPUR CA