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.
