SECTION-53. Transfer of input tax credit.—

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.

Spread the love