Transfer of input tax credit reduces State tax and requires matching transfer to the integrated tax account. When input tax credit is used to discharge Integrated GST dues as shown in a valid return, the State tax balance is reduced by an equal amount and the ... Summary
Transfer of input tax credit reduces State tax and requires matching transfer to the integrated tax account.
When input tax credit is used to discharge Integrated GST dues as shown in a valid return, the State tax balance is reduced by an equal amount and the State Government must transfer a corresponding sum from the State tax account to the integrated tax account in the manner and within the time prescribed.
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