53 Transfer of input tax credit. – CGST Billl 2017

By | April 7, 2017
(Last Updated On: April 7, 2017)

CGST Billl 2017

AS INTRODUCED IN LOK SABHA
Bill No. 57 of 2017

THE CENTRAL GOODS AND SERVICES TAX BILL, 2017

Transfer of input tax credit.  

  1. 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.
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  1. Pingback: CGST Billl 2017- Chapter Wise and Section Wise - Tax Heal

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