A person with multiple business locations within a State or Union Territory can obtain separate GST registrations for each location. If a registered person with multiple GST registrations within a State /UT wants to transfer unutilized matched Input Tax Credit (ITC) from one entity (transferor) to another (transferee), the transferor must file Form GST ITC-02A on the GST Portal within 30 days of obtaining the new registration. The transferee (newly registered entity) can then accept or reject the ITC transfer.
To transfer ITC and file Form GST ITC-02A as a transferor entity, perform the following steps:
A person having multiple places of business in a State or Union territory may be granted separate registration for each place of business.
Suppose a registered person, who has obtained separate registration for multiple places of business in a State/UT and intends to transfer unutilized matched Input Tax Credit lying in his/her Electronic Credit Ledger of an existing entity (the transferor entity) to a newly registered entities/place of businesses (transferee entity). In that case, the transferor entity (existing entity) has to file Form GST ITC-02A on the GST Portal, within 30 days of obtaining such registration, and the transferee entity (newly registered entity) can accept or reject the same.
After the transferor entity successfully files Form GST ITC-02A, transferee entity needs to accept or reject Form ITC-02A, in order to transfer or reject the Input tax credit being transferred.
To take action and file Form GST ITC-02A as a transferee entity, perform the following steps:
Transferring Input Tax Credit (ITC) within multiple business locations under the same GST registration is a straightforward process with the help of Form GST ITC-02A. By following the outlined steps on the GST Portal, both the transferor and transferee entities can ensure a smooth transfer of unutilized ITC. This procedure helps maintain compliance and optimize the use of available tax credits, enhancing financial efficiency. Always remember to complete the process within the stipulated 30 days to avoid any complications. Stay informed and utilize the GST portal effectively to manage your ITC transfers.
itc in gst
itc 02
itc 02 ca certificate format
gst verification
gst on register
21-06-2024
GST
Mrudula Joshi
On the GST common portal, DSC or EVC can authenticate various forms and applications. Digital Signature Certificates (DSC) Read More
19-06-2024
GST
Mrudula Joshi
GSTN issued an update on 07th June 2024 that the facility to report the details of inputs and outputs Read More
05-06-2024
GST
Mrudula Joshi
The Goods and Services Tax (GST) is a comprehensive indirect tax levied on the supply of goods and services across India. Read More
05-06-2024
GST
Mrudula Joshi
The Goods and Services Tax (GST) is a comprehensive indirect tax levied on the supply of goods and services across India. Read More
04-06-2024
E-Way Bill
Mrudula Joshi
On 8th March 2024, GSTN announced the successful integration of E-Waybill services with four new IRP portals via NIC, Read More
03-06-2024
GST
Mrudula Joshi
A person with multiple business locations within a State or Union Territory can obtain separate GST registrations for each location. Read More
27-05-2024
GST
Mrudula Joshi
The Goods and Services Tax (GST) is a comprehensive indirect tax levied on the supply of goods and services across India. Read More
24-05-2024
GST
Mrudula Joshi
Once a registered person submits a GST refund application, the concerned officer Read More
22-05-2024
News
Mumbai, 22nd May, 2024: CashFlo, India's most comprehensive finance automation and compliance platform, today announced its Read More
21-05-2024
GST
Mrudula Joshi
GSTN issued an update on 16th May 2024 that the facility to register the machines has been made available on the GST Portal to file the Read More
17-05-2024
GST
Mrudula Joshi
The Goods and Services Tax (GST) is a comprehensive indirect tax levied on the supply of goods and services across India. Read More
16-05-2024
GST
Mrudula Joshi
The Goods and Services Tax (GST) is a comprehensive indirect tax levied on the supply of goods and services across India. Read More
15-05-2024
GST
Mrudula Joshi
Taxpayers can opt to engage the services of a GST practitioner via the GST portal. Read More