(1) A registered person shall, in the event of sale, merger, de-merger, amalgamation, lease or transfer or change in the ownership of business for any reason, furnish the details of sale, merger, de-merger, amalgamation, lease or transfer of business, in Heer usta, fer 30 YA 2017 FORM GST ITC-02,electronically on the commonportal along with a request for transfer of unutilized input tax credit lying in his electronic credit ledger to the transferee:
Providedthat in the case of demerger, the input tax credit shall be apportionedin the ratio of the value ofassets ofthe new units as specified in the demerger scheme.
(2) The transferor shall also submit a copy ofa certificate issued by a practicing chartered 634 (11) ‘accountant or cost accountant certifying that the sale, merger, de-merger, amalgamation,.
lease or transfer of business has been done with a specific provision for the transfer of liabilities.
(3) The transferee shall, on the common portal, accept the details so furnished by the transferor and, upon such acceptance, the un-utilized credit specified in FORM GST ITC-02 shall be creditedto his electronic credit ledger.
(4) The inputs and capital goods sotransferred shall be duly accounted for by the transferee in his books ofaccount. . -