Taxontips
No Result
View All Result
Sunday, January 29, 2023
  • Home
  • Income Tax
    • Income Tax Return
    • Tax Notice/ Personal consultation
    • Compliance Notice
    • Faceless Assessment
  • GST
    • GST Registration
    • GST Consultation
  • News
    • Income Tax News
    • GST news
    • Budget News
    • Business & Other News
  • Q & A
  • About us
  • Contact us
Talk to an Expert
  • Home
  • Income Tax
    • Income Tax Return
    • Tax Notice/ Personal consultation
    • Compliance Notice
    • Faceless Assessment
  • GST
    • GST Registration
    • GST Consultation
  • News
    • Income Tax News
    • GST news
    • Budget News
    • Business & Other News
  • Q & A
  • About us
  • Contact us
No Result
View All Result
Taxontips
No Result
View All Result

Transfer of ITC between multiple registration in same state/ UT of same person now possible: ITC – 02A

GST expert by GST expert
May 27, 2020
in GST news
0
Transfer of ITC between multiple registration in same state/ UT of same person now possible: ITC – 02A
136
SHARES
1.7k
VIEWS
image_pdfPDFimage_printPrint

Many a times people take separate registration under GST to keep and maintain separate businesses and while starting new business they have unutilised ITC in existing business but couldn’t transfer the ITC without issuing tax invoice but now the same is possible with ITC – 02A mentioned under rule 41A which is as follows:

“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.”

Thus, from the above rule it is clear that such transfer can only be done when a new registration is taken and same needs to be done within 30 days of taking new registration and unutilised ITC needs to be distributed based on the value of assets held.

 

This article is just for information purpose and are personal views of the author. It is always advisable to hire a professional for practical execution or you can mail us. If you need assistance you can ask a question to our expert and get the answer within an hour or post a comment about your views on the post and also subscribe to our newsletter for latest weekly updates.

image_pdfPDFimage_printPrint
Previous Post

Father cannot sale shares or use proceeds of sons share being guardian of minor son without permission from court: Chennai Tribunal

Next Post

Separate Portal for disciplinary complaints to ICAI against CA

Related Posts

Further clarification by CBIC for claiming 20% ITC on invoices not available in GSTR – 2A. Circular 123/42/2019 – GST
GST news

Clarification on entitlement of ITC where place of supply is determined in terms of proviso to sub-section (8) of section 12 of the IGST Act

January 27, 2023
GST Registration cancelled if GSTR 3B not filed for past 6 months or more. Want to know why?
GST news

Advisory on facility of ‘Initiating Drop Proceedings’ of Suspended GSTINs due to Non-filing of Returns – Update

January 24, 2023
Further clarification by CBIC for claiming 20% ITC on invoices not available in GSTR – 2A. Circular 123/42/2019 – GST
GST news

Clarification regarding the treatment of statutory dues under GST law [Read circular]

January 21, 2023 - Updated on January 27, 2023
Annual return optional for F.Y. 2017-18 and 2018-19 for Turnover below Rs. 2 crore
GST Returns

Clarifications regarding applicability of GST on certain services based on 48th GST council meeting

January 20, 2023
Data of GST website under comparison of liability declared and ITC claimed tab not available
GST news

Module wise new functionalities deployed on the GST Portal for taxpayers – December 2022

January 17, 2023
GST Registration cancelled if GSTR 3B not filed for past 6 months or more. Want to know why?
GST news

Advisory on “Initiating Drop Proceeding” by taxpayers for non-filing of GST returns

January 17, 2023
Next Post
Separate Portal for disciplinary complaints to ICAI against CA

Separate Portal for disciplinary complaints to ICAI against CA

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Google Custom search

Recent Posts

  • Final stage of Union Budget 2023-24 commences with Halwa Ceremony
  • Clarification on entitlement of ITC where place of supply is determined in terms of proviso to sub-section (8) of section 12 of the IGST Act
  • Consequences of Accepting cash while selling a Immovable property, land or house | 100% Penalty
  • How many articles can a Chartered Accountant register for articleship?
  • Advisory on facility of ‘Initiating Drop Proceedings’ of Suspended GSTINs due to Non-filing of Returns – Update

Recent Comments

  • Final stage of Union Budget 2023-24 commences with Halwa Ceremony - Taxontips on What is ‘Halwa ceremony’, performed before the budget at Ministry of Finance? What does it signify? | Pre budget facts
  • Leonard Linton on Clarification for the purposes of Section 269ST of the I.T. Act in respect of dealership/distributorship contract in case of Co-operative Societies
  • Advisory on facility of ‘Initiating Drop Proceedings’ of Suspended GSTINs due to Non-filing of Returns - Update - Taxontips on Advisory on “Initiating Drop Proceeding” by taxpayers for non-filing of GST returns
  • Clarifications regarding applicability of GST on certain services based on 48th GST council meeting - Taxontips on Clarification regarding GST rates and classification of certain goods based on the recommendations of the GST Council in its 48th meeting held on 17th December, 2022
  • Module wise new functionalities deployed on the GST Portal for taxpayers – December 2022 - Taxontips on Advisory on “Initiating Drop Proceeding” by taxpayers for non-filing of GST returns

Categories

  • Budget News
  • Business & Other News
  • Case Laws
  • GST news
  • Income Tax News
  • News

Browse Topics by Date

January 2023
M T W T F S S
 1
2345678
9101112131415
16171819202122
23242526272829
3031  
« Dec    
  • GSTR 9/ 9C due date to be extended to 31.10.2020 | E-invoicing will be voluntary in the beginning 79.3k views
  • How to pay Membership and COP fees of ICAI for 2020-21 | 77.8k views
  • Code/ Nature of payment 6CR updated by NSDL in challan 281 for paying TCS on sale of goods 68k views

Recent Notification

Final stage of Union Budget 2023-24 commences with Halwa Ceremony

Final stage of Union Budget 2023-24 commences with Halwa Ceremony

January 28, 2023
Further clarification by CBIC for claiming 20% ITC on invoices not available in GSTR – 2A. Circular 123/42/2019 – GST

Clarification on entitlement of ITC where place of supply is determined in terms of proviso to sub-section (8) of section 12 of the IGST Act

January 27, 2023

RSS Taxontips

  • Final stage of Union Budget 2023-24 commences with Halwa Ceremony
  • Clarification on entitlement of ITC where place of supply is determined in terms of proviso to sub-section (8) of section 12 of the IGST Act
  • Consequences of Accepting cash while selling a Immovable property, land or house | 100% Penalty
  • How many articles can a Chartered Accountant register for articleship?
  • Advisory on facility of ‘Initiating Drop Proceedings’ of Suspended GSTINs due to Non-filing of Returns – Update
  • ICAI has launched free task management or practice management software for members in Practice
  • Clarification regarding the treatment of statutory dues under GST law [Read circular]
  • Clarifications regarding applicability of GST on certain services based on 48th GST council meeting
  • Clarification regarding GST rates and classification of certain goods based on the recommendations of the GST Council in its 48th meeting held on 17th December, 2022
  • E-mail from TRACES to deductors explaining the e-verification scheme. What to do?

Categories

  • Budget News
  • Business & Other News
  • Case Laws
  • GST news
  • Income Tax News
  • News

Site menu

  • Home
  • Income Tax
    • Income Tax Return
    • Tax Notice/ Personal consultation
    • Compliance Notice
    • Faceless Assessment
  • GST
    • GST Registration
    • GST Consultation
  • News
    • Income Tax News
    • GST news
    • Budget News
    • Business & Other News
  • Q & A
  • About us
  • Contact us
Taxontips

TaxOnTips provides you all tax related solutions in easy way and update you with its regular updates & notifications Visit us for details.
We are based in Jaipur, India

© 2019-2021 Taxontips.com - Tax assistance at your Fingertips

No Result
View All Result
  • Login/Signup
  • Income Tax
    • Income Tax Return
    • Tax Notice/ Personal consultation
    • Compliance Notice
    • Faceless Assessment
  • GST
    • GST registration
    • GST Consultation
  • News
    • Income Tax News
    • GST news
    • Budget News
    • Business & Other News
  • Q & A
  • About us
  • Contact us
  • Ask an expert/ Talk to an expert
  • Privacy Policy
  • Terms of use

© 2019-2021 Taxontips.com - Tax assistance at your Fingertips

Login to your account below

Forgotten Password? Sign Up

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Book Phone consultation with expert

Sitting home or at your office and don't have time to visit CA's office or don't know where to consult CA. Book your consultation with an expert practicing Chartered Accountant and get your query solved.

Book a phone consultation for 30 minutes with our expert at a very basic cost.

Book consultation

No thanks, I'm not interested!

ITR 1 to 7 now available for FY 2021-22!!File your ITR with an experienced Chartered Accountant

Now File your Income Tax return for F.Y. 2021-22 with an Experienced Practicing Chartered Accountant and not just with any person like other websites offer. Return filing starts at Rs. 500/-

Book ITR filing with Expert

Never see this message again.

Subscribe for Latest Tax Updates
You name
Yourname@email.com

Never see this message again.