Section 53 of CGST Act,2017 -Transfer ofinput taxcredit

Section 53 of CGST Act,2017 -Transfer ofinput taxcredit Section 53 of CGST Act,2017 from bare act : - On utilization of input tax credit availed under this Act for payment of tax duesunder the Integrated Goods and Services Tax Act in accordance with the provisions ofsub-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 tosuch credit so utilised and the Central Government shall transfer an amount equal to theamount so reduced from the central tax account to the integrated tax account in such mannerand within such time as may be prescribed.

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CHAPTER X

PAYMENT OF TAX

Chapter X of the CGST Act,2017 covers five sections relating to PAYMENT OF TAXunder GST. All thesesections from the CGST Act,2017 are available for your ready reference. Section 49 :Payment oftax, interest,penalty andotheramounts Section 50 :Interest ondelayedpayment oftax Section 51 :Tax deductionat source Section 52 :Collection oftax at source Section 53 :Transfer ofinput taxcredit