Input tax credit priority: central tax credit must be exhausted before state or union territory credits fund integrated tax payments. The amendment adds a cross-reference to widen the payment-application linkage and inserts provisos establishing that input tax credit on account of State ... Summary
Input tax credit priority: central tax credit must be exhausted before state or union territory credits fund integrated tax payments.
The amendment adds a cross-reference to widen the payment-application linkage and inserts provisos establishing that input tax credit on account of State tax and of Union territory tax may be applied toward integrated tax only where the balance of input tax credit on account of central tax is not available for that payment.
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