TMI BlogRefund of ITC transferred through ITC 02X X X X Extracts X X X X X X X X Extracts X X X X ..... Sir / madam 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 ? 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ITC in case of sale, merger, 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 provisions 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... you can claim the refund of the same 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 supplies 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 mo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re information as already well explained by both experts. - Refund of ITC transferred through ITC 02 - Query Started By: - Rajesh Kumar Dated:- 4-10-2021 Goods and Services Tax - GST - Got 3 Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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