Utilization of IGST credit: Integrated GST must be exhausted first before using Central or State tax credits, with temporary portal guidance. Integrated GST credit must be fully exhausted before any Central or State tax credit can be used; newly issued rules permit Integrated GST credit to be applied towards Central and State liabilities in any order or proportion so long as the entire Integrated balance is first consumed. The circular sets out the resulting order of utilization among Integrated, Central and State liabilities, illustrates compliant allocation scenarios, and directs taxpayers to continue using existing portal functionality until the portal is updated while inviting reports of implementation difficulties.
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.
Utilization of IGST credit: Integrated GST must be exhausted first before using Central or State tax credits, with temporary portal guidance.
Integrated GST credit must be fully exhausted before any Central or State tax credit can be used; newly issued rules permit Integrated GST credit to be applied towards Central and State liabilities in any order or proportion so long as the entire Integrated balance is first consumed. The circular sets out the resulting order of utilization among Integrated, Central and State liabilities, illustrates compliant allocation scenarios, and directs taxpayers to continue using existing portal functionality until the portal is updated while inviting reports of implementation difficulties.
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 
