Input tax credit utilization: Integrated tax credit must be exhausted before using central or state tax credits under new guidance. Integrated tax credit must be fully exhausted before Central tax or State/Union Territory tax credits can be utilised; rule 88A permits the Integrated tax credit to be applied toward Central and State/Union Territory liabilities in any order or proportion, provided the entire Integrated tax credit is consumed first. The circular explains the allowable permutations of set off among Integrated, Central and State/Union Territory tax credits, illustrates practical allocation alternatives, and directs taxpayers to continue using the current portal functionality until the new order is implemented.
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 before using central or state tax credits under new guidance.
Integrated tax credit must be fully exhausted before Central tax or State/Union Territory tax credits can be utilised; rule 88A permits the Integrated tax credit to be applied toward Central and State/Union Territory liabilities in any order or proportion, provided the entire Integrated tax credit is consumed first. The circular explains the allowable permutations of set off among Integrated, Central and State/Union Territory tax credits, illustrates practical allocation alternatives, and directs taxpayers to continue using the current portal functionality until the new order is implemented.
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