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of <h1>Section 53 Mandates Transfer of Input Tax Credit from State to Integrated Tax Account per GST Act 2017 Guidelines.</h1> Section 53 of the Madhya Pradesh Goods and Services Tax Act, 2017, addresses the transfer of input tax credit. When input tax credit is utilized to pay tax dues under the Integrated Goods and Services Tax Act, as per section 49(5) and reflected in a valid return under section 39(1), the State tax amount is reduced by the utilized credit. The State Government is required to transfer an equivalent amount from the State tax account to the integrated tax account in a prescribed manner and timeframe.
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