Transfer of input tax credit requires State tax reduction and corresponding transfer to the integrated tax account after return based utilisation. Where ITC availed under this Act is utilised for payment of IGST under sub section (5) of section 49 and shown in a valid return under section 39(1), the ... Summary
Transfer of input tax credit requires State tax reduction and corresponding transfer to the integrated tax account after return based utilisation.
Where ITC availed under this Act is utilised for payment of IGST under sub section (5) of section 49 and shown in a valid return under section 39(1), the amount collected as State tax shall be reduced by an amount equal to such credit, and the State Government shall transfer an equal amount from the State tax account to the integrated tax account in the manner and within the time prescribed.
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