Refund of ITC transferred through ITC 02

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..... Refund of ITC transferred through ITC 02
Query (Issue) Started By: - Rajesh Kumar Dated:- 4-10-2021 Last Reply Date:- 7-10-2021 Goods and Services Tax - GST
Got 3 Replies
GST
Sir / madam .....

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..... Please guide, is refund claim of unutilized ITC available which was transferred through ITC-02 to which party cannot claim and utilise due to GST rates on inputs materials are higher than the outward .....

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..... ? if yes, what are the terms and conditions as per provisions? Reply By Rajagopalan Ranganathan: The Reply: Sir, The ITC transferred under ITC-2 relates to transfer of ITC in case of sale, merger .....

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..... , demerger, amalgamation, lease or transfer of a business under sub-section (3) of section 18 of CGST Act, 2017. The procedure is prescribed under rule 41 of CGST Rules, 2017. Since the said provision .....

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..... s permit transfer of unutilized ITC on sale, merger, demerger, amalgamation, lease or transfer of a business under sub-section (3) of section 18 of CGST Act, 2017 you can claim the refund of the same .....

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..... if the rate of tax in output materials are lower than the tax on input materials. Reply By Shilpi Jain: The Reply: Refund of this circulated credit seems to be difficult unless there are other suppl .....

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..... ies in which this credit can be used where the rate of tax is higher. Reply By KASTURI SETHI: The Reply: Such refund is admissible. No need to post more information as already well explained by both .....

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..... experts.
Discussion Forum - Knowledge Sharing .....

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