Section 53 of CGST Act
Section 53 of CGST Act :- Transfer of input tax credit
December 14, 2024
Section 53 of CGST Act
Transfer of input tax credit
[Enforced w.e.f. 1-7-2017].
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 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.
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