Transfer of input tax credit requires State to reduce State tax and transfer equivalent amount to integrated tax account. When input tax credit is utilised for payment of tax under the Integrated Goods and Services Tax framework and reflected in a valid return, the State tax amount is reduced by the credit used 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 requires State to reduce State tax and transfer equivalent amount to integrated tax account.
When input tax credit is utilised for payment of tax under the Integrated Goods and Services Tax framework and reflected in a valid return, the State tax amount is reduced by the credit used 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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