All about Form GST ITC-02A for transfer of input tax credit pursuant to multiple registrations in a State or Union territory

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Know about Form GST ITC-02A prescribed under rule 41A 

Transfer of credit on obtaining separate registration for multiple places of business within a State or Union territory.

Know about Form GST ITC-02A prescribed under rule 41A [ Transfer of credit on obtaining separate registration for multiple places of business within a State or Union territory]

1. What is Form GST ITC-02A?
As per section 25(2) of the CGST act, a zperson having multiple places of business in a State or Union territory may be granted separate registration for each place of business. Though it is not mandatory to obtain separate registration for each place of business. 

Form ITC-02A is declaration for transfer of ITC pursuant to registration under sub-section (2) of section 25 i.e registration of multiple places of business in a state/ union territory. 

2. When filing of Form GST ITC-02A is needed for a taxpayer?
As per section 25(2) if any registered person has obtained separate registration for multiple places of business in a State/UT and has matched unutilised input tax credit (ITC) lying in electronic credit ledger of existing business and wish to transfer such matched unutilised ITC to newly registered place of businesses can transfer such ITC of existing business by filling form GST ITC-02A on GST Portal, within 30 days from obtaining such new separate registration.

3. From where can taxpayer file Form GST ITC-02A on GST portal?
Taxpayer can access Form GST ITC-02A by navigating to Services > Returns > ITC Forms > TRANSFER ITC after logging into the GST Portal. 

Post filing of Form GST ITC-02A, Electronic Credit Ledger of  existing entity will get updated with a debit entry for the amount mentioned in the Form.

4. From where can newly registered entity take action on Form GST ITC-02A filed by existing entity?
Newly registered entity, can take action in Form GST ITC-02A by navigating to Services > Returns > ITC Forms > TAKE ACTION after logging into the GST Portal.

5. What actions can be taken by the new entity in Form GST ITC-02A?
Newly registered entity, can either accept or reject ITC-02A and consequently can accept or reject ITC transferred by the existing entity.

6. What happens after acceptance of ITC by the Newly registered entity and successful filing of Form GST ITC-02A?
After acceptance of ITC by the Newly registered entity Electronic Credit Ledger of Newly registered entity will be updated for the transferred amount.

7. Is preview of the Form GST ITC-02A available before filing?
Yes, you can preview the Form GST ITC-02A before filing it on the GST Portal, as an existing entity.

8. What are the modes of signing Form GST ITC-02A? 
You can file Form GST ITC-02A using DSC, or EVC.

9. Is there any formula for transfer of unutilised ITC?
Yes. 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. 

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