Section 47 - Transfer of input tax credit - MODEL GST LAW - Draft The Central / State Goods and Services Tax Act, 2016 - [November 2016]

CHAPTER-X TRANSFER OF INPUT TAX CREDIT 47. Transfer of input tax credit On utilization of input tax credit availed under the CGST Act for payment of tax dues under the IGST Act as per sub-section Error! Reference source not found. of section 44, the amount collected as CGST shall stand reduced by an amount equal to the credit so utilized and the Central Government shall transfer an amount equal to the amount so reduced from the CGST account to the IGST account in the manner and time as may be prescribed. CGST Act On utilization of input tax credit availed under the SGST Act for payment of tax dues under the IGST Act as per sub-section Error! Reference source not found. of section 44, the amount collected as SGST shall stand reduced by an amount equal to the credit so utilized and shall be apportioned to the Central Government and the State Government shall transfer an amount equal to the amount so apportioned to the IGST account in the manner and time as may be prescribed. SGST Act