ITC on stock transfer

Yes Applicable

37. Reversal of input tax credit in the case of non-payment of consideration.-(1) A
registered person, who has availed of input tax credit on any inward supply of goods or
services or both, but fails to pay to the supplier thereof, the value of such supply along with
the tax payable thereon, within the time limit specified in the second proviso to sub-section
(2) of section 16, shall furnish the details of such supply, the amount of value not paid and
the amount of input tax credit availed of proportionate to such amount not paid to the
supplier in FORM GSTR-2 for the month immediately following the period of one hundred
and eighty days from the date of the issue of the invoice:
Provided that the value of supplies made without consideration as specified in Schedule I of
the said Act shall be deemed to have been paid for the purposes of the second proviso to
sub-section (2) of section 16.