THE CENTRAL GOODS AND SERVICES TAX ACT, 2017
PAYMENT OF TAX
Section 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.