The conditions prescribed under Rule 41 of the CGST Rules, 2017 are:
(a) The details of the sale, merger, amalgamation, de-merger, lease, transfer of business should be furnished in Form GSTR ITC-02.
(b) A certificate issued by a practicing Chartered/ Cost Accountant should be furnished certifying that the sale, merger, amalgamation, de-merger, lease, transfer of business has been done along with a provision for transfer of liabilities.
(c) Upon acceptance of the details by the transferee, the credit specified in form GSTR ITC-02 will be credited to the electronic credit ledger.
(d) The inputs and capital goods so transferred are to be accounted in the transferee’s books
(ICAI FAQ PUBLICATION 06-09-2017 -: Input Tax Credit: FAQ NO. 55)