Input tax credit transfer reduces union territory tax and triggers central government transfer to the integrated tax account. Where input tax credit of Union territory tax is utilised to pay integrated tax liabilities as shown in a valid Central return, the Union territory tax balance is reduced by the amount of credit used, and the Central Government must transfer an equal amount from the Union territory tax account to the integrated tax account in the prescribed manner and time.
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Provisions expressly mentioned in the judgment/order text.
Input tax credit transfer reduces union territory tax and triggers central government transfer to the integrated tax account.
Where input tax credit of Union territory tax is utilised to pay integrated tax liabilities as shown in a valid Central return, the Union territory tax balance is reduced by the amount of credit used, and the Central Government must transfer an equal amount from the Union territory tax account to the integrated tax account in the prescribed manner and time.
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