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Section 53 - Central Goods and Services Tax Act, 2017
The Central Goods and Services Tax Act, 2017
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.
2[53A. Transfer of certain amounts.-
Where any amount has been transferred from the electronic cash ledger under this Act to the electronic cash ledger under the State Goods and Services Tax Act or the Union territory Goods and Services Tax Act, the Government shall, transfer to the State tax account or the Union territory tax account, an amount equal to the amount transferred from the electronic cash ledger, in such manner and within such time as may be prescribed.]
2. Ins. by Act 23 of 2019, s. 102 (w.e.f. 1-1-2020).
Related Sections
- Section 167: Delegation of powers
- Section 165: Power to make regulations
- Section 74: Determination of tax not paid or short paid or erroneously refunded or input tax credit wrongly availed or utilised by reason of fraud or any wilful-misstatement or suppression of facts
- Section 14: Change in rate of tax in respect of supply of goods or services
- Section 42: Matching, reversal and reclaim of input tax credit