Transfer of input tax credit reduces State tax and mandates transfer to the integrated tax account as prescribed. Where input tax credit availed under the Act is utilised for payment of IGST and reflected in the valid return, the amount collected as State tax is ... Summary
Transfer of input tax credit reduces State tax and mandates transfer to the integrated tax account as prescribed.
Where input tax credit availed under the Act is utilised for payment of IGST and reflected in the valid return, the amount collected as State tax is reduced by an equivalent sum 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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