Page 112 - GSTL_23rd July 2020_Vol 38_Part 4

478 GST LAW TIMES [ Vol. 38
(b) the registered person shall within a period of thirty days from
the date of becoming eligible to avail the input tax credit un-
der sub-section (1) of section 18, or within such further period
as may be extended by the Commissioner by a notification in
this behalf, shall make a declaration, electronically, on the
common portal in FORM GST ITC-01 to the effect that he is el-
igible to avail the input tax credit as aforesaid :
Provided that any extension of the time limit notified by the
Commissioner of State tax or the Commissioner of Union terri-
tory tax shall be deemed to be notified by the Commissioner.
(c) the declaration under clause (b) shall clearly specify the details
relating to the inputs held in stock or inputs contained in
semi-finished or finished goods held in stock, or as the case
may be, capital goods -
(i) on the day immediately preceding the date from which
he becomes liable to pay tax under the provisions of the
Act, in the case of a claim under clause (a) of sub-section
(1) of section 18;
(ii) on the day immediately preceding the date of the grant
of registration, in the case of a claim under clause (b) of
sub-section (1) of section 18;
(iii) on the day immediately preceding the date from which
he becomes liable to pay tax under section 9, in the case
of a claim under clause (c) of sub-section (1) of section 18;
(iv) on the day immediately preceding the date from which
the supplies made by the registered person becomes tax-
able, in the case of a claim under clause (d) of sub-section
(1) of section 18;
(d) the details furnished in the declaration under clause (b) shall
be duly certified by a practicing chartered accountant or a cost
accountant if the aggregate value of the claim on account of
central tax, State tax, Union territory tax and integrated tax ex-
ceeds two lakh rupees;
(e) the input tax credit claimed in accordance with the provisions
of clauses (c) and (d) of sub-section (1) of section 18 shall be
verified with the corresponding details furnished by the corre-
sponding supplier in FORM GSTR-1 or as the case may be, in
FORM GSTR- 4, on the common portal.
(2) The amount of credit in the case of supply of capital goods or plant
and machinery, for the purposes of sub-section (6) of section 18, shall be
calculated by reducing the input tax on the said goods at the rate of five
percentage points for every quarter or part thereof from the date of the is-
sue of the invoice for such goods.
Rule 41. Transfer of credit on sale, merger, amalgamation, lease or
transfer of a business. - (1) A registered person shall, in the event of sale,
merger, de-merger, amalgamation, lease or transfer or change in the owner-
ship of business for any reason, furnish the details of sale, merger, de-
merger, amalgamation, lease or transfer of business, in FORM GST ITC-02,
electronically on the common portal along with a request for transfer of
unutilized input tax credit lying in his electronic credit ledger to the trans-
feree :
GST LAW TIMES  23rd July 2020  112