Input tax credit utilisation priority governs Union territory tax credit, requiring integrated tax credit to be used first. Input tax credit on account of Union territory tax must be utilised towards payment of integrated tax or Union territory tax only after the input tax ... Summary
Input tax credit utilisation priority governs Union territory tax credit, requiring integrated tax credit to be used first.
Input tax credit on account of Union territory tax must be utilised towards payment of integrated tax or Union territory tax only after the input tax credit available on account of integrated tax has first been utilised. The provision creates a priority rule for utilisation of credit between integrated tax and Union territory tax and operates as a special override to the general utilisation framework.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 1
Join Channel
TaxTMI 
