Input tax credit transfer reduces State tax collection and mandates transfer to integrated tax account when utilised for IGST payment. Where input tax credit availed under the Act is utilised for payment of tax dues under the Integrated Goods and Services Tax and reflected in the valid ... Summary
Input tax credit transfer reduces State tax collection and mandates transfer to integrated tax account when utilised for IGST payment.
Where input tax credit availed under the Act is utilised for payment of tax dues under the Integrated Goods and Services Tax and reflected in the valid return, the amount collected as State tax is reduced by an amount equal to such credit so utilised, 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 as may be prescribed.
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