Section 37A of GST – Transfer of Input Tax Credit

Section 37A of GST – Transfer of Input Tax Credit. All Details for GST Section 37A, In this section you may find all details for Transfer of Input Tax Credit as per GST Model Law. Detailed Analysis of GST Section 37A of GST Model Law – Transfer of Input Tax Credit. Everything you want to know about GST all Sections. Section Wise Analysis of GST Model Law, Chapter Wise Analysis of GST All Sections. in this article you may find complete details regarding Section 37A of GST Model Law – Transfer of Input Tax Credit, gst all sections and definitionsNow Check more details from below…..

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Section 37A of GST – 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 (5) of section 35, 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.

Note: This provision is to be incorporated in the 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 (5) of section 35, the amount collected as SGST shall stand reduced by an amount equal to the credit so utilized and the State Government shall transfer an amount equal to the amount so reduced from the SGST account to the IGST account in the manner and time as may be prescribed.

Note. This provision is to be incorporated in SGST Act.

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