Under input tax credit & otheres tab Sec 18 (3) explained. I read the section but in explanation sir telling that transfer of business on the death of transferor to transferee whatever itc have in transferee electronic credit ledger transfer to transferee.... Is it mandatory that transfer,sale,merger took place only the event of death by transferor?
No. It also covers a sale of amalgamation or merger. In case of amalgamation or merger or for any reason there is a transfer of business then ITC is transferred. For this purpose we have to file Form ITC-02. This concept is given by Section 18(3) read with Rule 41 ð???