Section 53 of CGST Act: transfer of ITC (updated till on October 2023)
Section 53 of CGST Act of the CGST Act as amended by the Finance Act 2023
Note: Section 53 of the CGST Act is amended retrospectively by Finance Act 2023 with retrospective effect from 1st July 2017. The amended portion is depicted with a different color.
Text on the Section :
“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.”
chart of the section:
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