Transfer of input tax credit reduces State tax liability and requires transfer from State tax account to integrated tax account. On utilisation of input tax credit for payment of integrated tax dues as reflected in a valid return, the State tax liability is reduced by the amount of ... Summary
Transfer of input tax credit reduces State tax liability and requires transfer from State tax account to integrated tax account.
On utilisation of input tax credit for payment of integrated tax dues as reflected in a valid return, the State tax liability is reduced by the amount of credit so utilised and the State Government must transfer an amount equal to that reduction from the State tax account to the integrated tax account in the manner and within the time prescribed.
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