Transfer of input tax credit reduces State tax and triggers transfer to integrated tax account under prescribed procedure. Where input tax credit availed under the State Act is utilised for payment of liabilities under the Integrated GST and reflected in a valid return, the ... Summary
Transfer of input tax credit reduces State tax and triggers transfer to integrated tax account under prescribed procedure.
Where input tax credit availed under the State Act is utilised for payment of liabilities under the Integrated GST and reflected in a valid return, the State tax shall be reduced by the amount of such credit and the State Government shall transfer an equal amount from the State tax account to the integrated tax account in the manner and within the time prescribed.
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