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of <h1>Section 9: Input Tax Credit Transfers Reduce IGST, Shifting Funds to CGST or SGST Accounts Under GST Act 2016.</h1> Section 9 of the Draft Integrated Goods and Services Tax Act, 2016, outlines the process for transferring input tax credit. When input tax credit is used to pay tax dues under the Central Goods and Services Tax (CGST) Act, the Integrated Goods and Services Tax (IGST) collected is reduced by the utilized credit amount. The Central Government then transfers this reduced amount from the IGST account to the CGST account. Similarly, if the credit is used for State Goods and Services Tax (SGST) dues, the IGST collected is reduced, and the corresponding amount is transferred to the SGST account of the respective State Government.
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