Transfer of input tax credit
UTGST |
Section - 10 |
Posted on :
26/11/2020 |
Updated as on :
26/11/2020
On utilisation of input tax credit of Union territory tax 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 of the Central Goods and Services Tax Act, as reflected in the
valid return furnished under sub-section (1) of section 39 of the Central Goods and Services
Tax Act, the amount collected as Union territory 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 Union territory tax account to the integrated tax account
in such manner and within such time as may be prescribed.