Amendment status not verified — confirm the current text below against the official source.
(l ) The lnput Service Distribulor sholl distribute the credit of Stote tox os Stote toxor integroted tox ond integroted tox os integroted tox or Stote tox, by woy of issue of document contoining the omount of input tox credit being distributed in such monner os moy be prescribed. (2) The lnput Service Distributor moy distribute the credit subied to the Iollowing conditions, nomely:-- (o) the credit con be distributed to the recipients of credit ogoinst o document con- toining such detoils os moy be prescribed; Monner of distribution of credit by lnput Service Distributor. t32 (b) the omount oI the credit distributed sholl not exceed tre omount of credit ovoiloble for distribution; (c) the credit of tox poid on input services ottributoble to o recipient of credit sholl be distributed only to thot recipient; (d) the credit of tox poid on input services ottributoble to more thon one recipient of credit sholl be distributed omongst such recipients to whom the input service is ottributoble ond such disribution sholl be prc roto on the bosis of the furnover in o Stote or tumover in o Union territory of such recipient, during the relevont period, to the oggregote of the turnover of oll such recipients to whom such input service is ottributoble ond which ore operotionol in the current yeor, durinq the soid relevont period; (e) the credit of tox poid on input services ottributoble to oll recipients of credit sholl be distributed omongst such recipients ond s uch distribution sholl be pro rato on the bosis of the turnover in o Stote or turnover in o Union territory of such recipienl during the relevont period, to the oggregote ol the turnover of oll recipients ond which ore operotionol in the current yeor, during the soid relevont period. r33 Explonotion.-For the purposes ol this sedion,-- (o) tre 'televont period"sholl be-- (i) i{ the recipients of credit hove turnover in their Stotes or Union territories in the finonciol yeor preceding the yeor during which credit is to be dislributed, the soid finonciol yeor; or (ii) if some or oll recipients o{the credit do not hove ony turnover in their Stotes or Union territories in the finonciol yeor preceding the yeor during which the credit is to be distributed, the lost quorter for which detoils of such turnover of oll the recipients ore ovoiloble, previous to he monfr during which credit is to be distributed; (b) the expression tecipient of credit" meons the supplier oI goods or services or both hoving the some Permonenl Account Number os thot o, the lnput Service Distributor; (c) the term turnover", in relotion to ony registered person engoged in the supply of toxoble goods os well os goods not toxoble under this Act, meons the volue of turnover, reduced by the omount of ony duty or tox levied under entry 84 of List I of the Seventh Schedule to the Constitution ond entry 5l ond 54 of List ll o{ the soid Schedule. t31