Transfer of input tax credit reduces State tax liability and requires transfer to the integrated tax account as prescribed. Where input tax credit availed under the Act is utilised for payment of liabilities under the Integrated Goods and Services Tax Act and reflected in a valid return, the State tax amount is reduced by the credit so utilised 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 reduces State tax liability and requires transfer to the integrated tax account as prescribed.
Where input tax credit availed under the Act is utilised for payment of liabilities under the Integrated Goods and Services Tax Act and reflected in a valid return, the State tax amount is reduced by the credit so utilised 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.
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