Input tax credit utilisation under GST clarified, with integrated tax credit to be exhausted first under the revised sequence. Clarification is issued on the utilisation of input tax credit under GST after the insertion of Section 49A, Section 49B and Rule 88A. Input tax credit of integrated tax must be exhausted first, and may then be used for central tax and state tax in the prescribed sequence. Until the common portal is updated to reflect the new utilisation order, taxpayers will continue to use input tax credit according to the existing portal functionality.
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 utilisation under GST clarified, with integrated tax credit to be exhausted first under the revised sequence.
Clarification is issued on the utilisation of input tax credit under GST after the insertion of Section 49A, Section 49B and Rule 88A. Input tax credit of integrated tax must be exhausted first, and may then be used for central tax and state tax in the prescribed sequence. Until the common portal is updated to reflect the new utilisation order, taxpayers will continue to use input tax credit according to the existing portal functionality.
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 
