Transfer of input tax credit requires State to reduce State tax and remit equivalent to integrated tax account. When input tax credit is utilised under this Act to pay Integrated Goods and Services Tax, as reflected in a valid return under section 39(1), the State tax collected is reduced by an equivalent amount and the State Government must transfer that equivalent from the State tax account to the integrated tax account in the prescribed manner and time.
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Transfer of input tax credit requires State to reduce State tax and remit equivalent to integrated tax account.
When input tax credit is utilised under this Act to pay Integrated Goods and Services Tax, as reflected in a valid return under section 39(1), the State tax collected is reduced by an equivalent amount and the State Government must transfer that equivalent from the State tax account to the integrated tax account in the prescribed manner and time.
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