Transfer of input tax credit requires state-led adjustment from State tax account to integrated tax account after return-based utilisation. When input tax credit under this Act is utilised for Integrated GST payment and reflected in a valid return, the State tax is reduced by the utilised ... Summary
Transfer of input tax credit requires state-led adjustment from State tax account to integrated tax account after return-based utilisation.
When input tax credit under this Act is utilised for Integrated GST payment and reflected in a valid return, the State tax is reduced by the utilised credit and the State Government must transfer an amount equal to that reduction from the State tax account to the integrated tax account in the prescribed manner and timeframe.
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