Transfer of input tax credit: State tax reduced and equivalent amount transferred to integrated tax account on credit utilisation. Where input tax credit is utilised for payment under the Integrated Goods and Services Tax regime and reflected in a valid return, the amount collected as State tax is reduced by an amount equal to that credit and the State Government must transfer an equal amount from the State tax account to the integrated tax account in the manner and within the time prescribed.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Transfer of input tax credit: State tax reduced and equivalent amount transferred to integrated tax account on credit utilisation.
Where input tax credit is utilised for payment under the Integrated Goods and Services Tax regime and reflected in a valid return, the amount collected as State tax is reduced by an amount equal to that credit and the State Government must transfer an equal amount from the State tax account to the integrated tax account in the manner and within the time prescribed.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
