Amendment status not verified — confirm the current text below against the official source.
On utilisation of input tax credit availed under this Act for payment of tax dues under the Integrated Goods and Services Tax Act, 2017 (Central Act 13 of 2017) 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 State tax shall stand reduced by an amount equal to such credit so utilised and the State Government shall transfer an amount equal to the amount so reduced front the State tax account to the integrated tax account in such manner and within such time as may be prescribed.