Input tax credit utilization: Integrated tax credit must be exhausted first, then may be apportioned to central and state liabilities. Clarifies that input tax credit attributable to Integrated tax must be completely exhausted before Central or State/Union Territory input tax credit can be used; after Integrated liabilities are met, the Integrated tax credit may be apportioned in any order and proportion towards Central and State/Union Territory liabilities. Illustrations demonstrate permissible apportionments. Until the common portal is updated to reflect this allocation rule, taxpayers may continue using the portal's existing functionality. The circular is clarificatory and implementation difficulties may be reported to the Commissioner of State Tax.
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.
Input tax credit utilization: Integrated tax credit must be exhausted first, then may be apportioned to central and state liabilities.
Clarifies that input tax credit attributable to Integrated tax must be completely exhausted before Central or State/Union Territory input tax credit can be used; after Integrated liabilities are met, the Integrated tax credit may be apportioned in any order and proportion towards Central and State/Union Territory liabilities. Illustrations demonstrate permissible apportionments. Until the common portal is updated to reflect this allocation rule, taxpayers may continue using the portal's existing functionality. The circular is clarificatory and implementation difficulties may be reported to the Commissioner of State Tax.
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