UTGST Section 10: Transfer of Input Tax Credit (ITC)

Provisions under Section 10 of the UTGST Act 2017 relating to “Transfer of Input Tax Credit (ITC)”:

Section 10: Transfer of Input Tax Credit (CHAPTER IV: PAYMENT OF TAX) [*1]

On utilisation of input tax credit of Union territory tax 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 of the Central Goods and Services Tax Act, as reflected in the valid return furnished under sub-section (1) of section 39 of the Central Goods and Services Tax Act, the amount collected as Union territory 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 Union territory tax account to the integrated tax account in such manner and within such time as may be prescribed.

Notes (History of Amendments in Bare Text):

1. UTGST Act 2017 notified vide GOI Notification dated 12/04/2017. CBEC notified 01/07/2017 as commencement date of Section 10 vide Notification 3/2017.