Section 18 of IGST – Transfer of input tax credit. Complete Details for IGST Section 18. Detailed Analysis of all Sections of IGST Act 2017. In this IGST Section you may find all details for Transfer of input tax credit IGST Act 2017. Detailed Analysis of IGST Section 18 of Integrated goods & Service tax Act 2017. We Provide Complete Details for All IGST Section’s and In this article you may find all details for IGST Section 18. Check Section Wise Analysis of IGST Act 2017, Chapter Wise Analysis of IGST All Sections. in this article you may find complete details regarding Section 18 of IGST Act 2017 – Transfer of input tax credit, IGST all sections and definitions. Now Check more details from below…..
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Section 18 of IGST – Transfer of input tax credit
On utilisation of credit of integrated tax availed under this Act for payment of,–
(a) central tax in accordance with the provisions of sub-section (5) of section 49 of the Central Goods and Services Tax Act, the amount collected as integrated tax shall stand reduced by an amount equal to the credit so utilised and the Central Government shall transfer an amount equal to the amount so reduced from the integrated tax account to the central tax account in such manner and within such timeas may be prescribed;
(b) Union territory tax in accordance with the provisions of section 9 of the Union Territory Goods and Services Tax Act, the amount collected as integrated tax shall stand reduced by an amount equal to the credit so utilised and the Central Government shall transfer an amount equal to the amount so reduced from the integrated tax account to the Union territory tax account in such manner and within such time as may be prescribed;
(c) State tax in accordance with the provisions of the respective State Goods and Services Tax Act, the amount collected as integrated tax shall stand reduced by an amount equal to the credit so utilised and shall be apportioned to the appropriate State Government and the Central Government shall transfer the amount so apportioned to the account of the appropriate State Government in such manner and within such time as may be prescribed.
Explanation.––For the purposes of this Chapter, “appropriate State” in relation to a taxable person, means the State or Union territory where he is registered or is liable to be registered under the provisions of the Central Goods and Services Tax Act.
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