THE CENTRAL GOODS AND SERVICES TAX ACT, 2017
PAYMENT OF TAX
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.