Section 53 CGST Act 2017 – Transfer of input tax credit.

By | April 17, 2017
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(Last Updated On: July 28, 2017)

Section 53 CGST Act 2017

[ Section 53 CGST Act 2017 Notified w.e.f 01.07.2017 vide Notification No. 9/2017 – Central Tax Dated 28th June, 2017 ]

Section 53 CGST Act 2017 explains Transfer of input tax credit  and is covered in Chapter X – Payment of Tax

[Note : CGST Act 2017 also known as CENTRAL GOODS AND SERVICES TAX ACT, 2017 assented by the President of India on 12-4-2017 -An Act to make a provision for levy and collection of tax on intra-State supply of goods or services or both by the Central Government and the matters connected therewith or incidental thereto. ]

Transfer of input tax credit.

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.[Note -1 ]


Note -1

GST Settlement of funds Rules 2017 Notification Dated 27th July, 2017


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4 thoughts on “Section 53 CGST Act 2017 – Transfer of input tax credit.

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