Transfer of input tax credit reduces State tax and mandates transfer to the integrated tax account in prescribed manner. When input tax credit is utilised for payment of integrated tax dues as shown in a valid return, the State tax amount is reduced by the utilised credit and the State Government must transfer an equal amount from the State tax account to the integrated tax account in the manner and within the time prescribed.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Transfer of input tax credit reduces State tax and mandates transfer to the integrated tax account in prescribed manner.
When input tax credit is utilised for payment of integrated tax dues as shown in a valid return, the State tax amount is reduced by the utilised credit and the State Government must transfer an equal amount from the State tax account to the integrated tax account in the manner and within the time prescribed.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.