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Section 53. Transfer of input tax credit.-

by | Aug 30, 2024 | GST, Acts, Central Goods and Services Tax Act, 2017 | 0 comments

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Important Keyword: Section 49, Section 39.

GST Section 53. Transfer of input tax credit.-

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.

*Enforced w.e.f. 1st July, 2017.

Read More: Notification No. 25/2019 – Central Tax (Rate): Seeks to notify the grant of alcoholic liquor license neither a supply of goods nor a supply of service as per Section 7(2) of CGST Act, 2017.

Web Stories: Notification No. 25/2019 – Central Tax (Rate): Seeks to notify the grant of alcoholic liquor license neither a supply of goods nor a supply of service as per Section 7(2) of CGST Act, 2017.

Download Pdf: https://taxinformation.cbic.gov.in/

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