9911796707
TMI BlogApportionment of tax and settlement of funds.X X X X Extracts X X X X X X X X Extracts X X X X ..... or both to an unregistered person or to a registered person paying tax under section 10 of the Central Goods and Services Tax Act; (b) in respect of inter-State supply of goods or services or both where the registered person is not eligible for input tax credit; (c) in respect of inter-State supply of goods or services or both made in a financial year to a registered person, where he does not ava ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in which the supply was received, the amount of tax calculated at the rate equivalent to the central tax on similar intra-State supply shall be apportioned to the Central Government. (2) The balance amount of integrated tax remaining in the integrated tax account in respect of the supply for which an apportionment to the Central Government has been done under sub-section (1) shall be apportioned t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tive State or, as the case may be, by the Central Government during the immediately preceding financial year. 1 [ (2A). The amount not apportioned under sub-section (1) and sub-section (2) may, for the time being, on the recommendations of the Council, be apportioned at the rate of fifty per cent. to the Central Government and fifty per cent. to the State Governments or the Union territories, as t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ll transfer to the State tax account of the respective States an amount equal to the amount apportioned to that State, in such manner and within such time as may be prescribed. (5) Any integrated tax apportioned to a State or, as the case may be, to the Central Government on account of a Union territory, if subsequently found to be refundable to any person and refunded to such person, shall be red ..... X X X X Extracts X X X X X X X X Extracts X X X X
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