Reversing its February notification, the central board of indirect taxes and customs (CBIC) has provided a relief to businesses in terms of using credit in the goods and services tax (GST) system towards tax payment.
This will aid businesses with better cash flow management. “Input tax credit on account of Integrated tax (IGST) shall first be utilised towards payment of integrated tax, and the amount remaining, if any, may be utilised towards the payment of central tax (CGST) and State tax (SGST) or Union territory tax (UTGST), as the case may be, in any order,” the ...
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