Transfer of input tax credit

0
237

Central Goods and Service Tax Act, 2017

Transfer of input tax credit (Sec. 53)


On utilisation of input tax credit availed under this Act for payment of tax dues under the Integrated Goods and Services Tax Act in accordance with the provisions of sub-section (5) of section 49, as reflected in the valid return furnished under sub-section (1) of section 39, the amount collected as central tax shall stand reduced by an amount equal to such credit so utilised and the Central Government shall transfer an amount equal to the amount so reduced from the central tax account to the integrated tax account in such manner and within such time as may be prescribed.

Notes

  • This section provides that on utilisation of input tax credit availed under the Act for payment of tax dues under the Integrated Goods and Services Tax Act, the amount collected as central tax shall stand reduced by an amount equal to such credit so utilised and the Central Government shall transfer an amount equal to the amount so reduced from the central tax account to the integrated tax account in prescribed manner and time.

Also Read  Eligibility and conditions for taking input tax credit
You must be logged in to post comments