Manner of distribution of credit by Input Service Distributor.

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..... State tax, by way of issue of document containing the amount of input tax credit being distributed in such manner as may be prescribed. (2) The Input Service Distributor may distribute the credit subject to the following conditions, namely:-- (a) the credit can be distributed to the recipients of credit against a document containing such details as may be prescribed; (b) the amount of .....

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..... tributable to all recipients of credit shall be distributed amongst such recipients and such distribution shall be pro rata on the basis of the turnover in a State or turnover in a Union territory of such recipient, during the relevant period, to the aggregate of the turnover of all recipients and which are operational in the current year, during the said relevant period. Explanation For .....

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..... (c) the term turnover , in relation to any registered person engaged in the supply of taxable goods as well as goods not taxable under this Act, means value of turnover, reduced by the amount of any duty or tax levied under Entry 84 of List I of the Seventh Schedule to the Constitution of India as applicable to the state of Jammu and Kashmir and the Jammu and Kashmir General Sales Tax Act, .....

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