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Transfer of input tax credit triggers reduction of State tax and matching transfer to the integrated tax account. When input tax credit is utilised to pay Integrated Goods and Services Tax and reflected in a valid return, the State tax collected is reduced by the amount of credit utilised and the State Government must transfer an equal amount from the State 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.
Transfer of input tax credit triggers reduction of State tax and matching transfer to the integrated tax account.
When input tax credit is utilised to pay Integrated Goods and Services Tax and reflected in a valid return, the State tax collected is reduced by the amount of credit utilised and the State Government must transfer an equal amount from the State tax account to the integrated tax account in the prescribed manner and time.
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