Functionality to Transfer ITC through Form ITC-02A enabled on GSTN Portal :
As per Rule 41A of the CGST Rules, where taxpayer has obtained seperate registration for multiple place of busines in single state and where he wants to transfer part of full unutilized ITC to such newly registered place of business then functionality to transfer ITC by way of ITC-02A form has been enabled on GST common portal.
The extract of Rule 41A of the CGST Rules :
(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.
Form ITC-02A :
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