alleryStart learning →Integrated tax credit is first used to pay which tax?
ACentral tax payable
BIntegrated tax payable
CState tax payable
DCompensation cess due
Answer & Solution
Correct answer: B. Integrated tax payable
Section 49(5)(a) says integrated tax credit is first utilised towards payment of integrated tax, then central tax and State tax in that order.
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Related questions
An Input Service Distributor is best described as what?Which return must be filed before claiming ITC under Section 16(2)(d)?ITC on a supply requires that the tax charged has been actually what?A bank has eligible ITC of Rs 80,000 in a month and picks the 50 per cent option. What creCommon input ITC Rs 90,000; two-thirds relates to taxable supplies, rest exempt. Credit alInputs carry total ITC of Rs 60,000, and 25 per cent of their use is for non-business purpInvoice Rs 1,00,000 plus 18% GST unpaid beyond 180 days. ITC added back, ignoring interestInter-State sale Rs 5,00,000, inputs Rs 3,00,000, IGST 12% on both. Net IGST?