Section 49B CGST Act 2017 :Order of utilisation of input tax credit.

By | August 29, 2018
(Last Updated On: April 29, 2019)

Section 49B CGST Act 2017

[ Section 49B CGST Act 2017 Inserted by The Central Goods and Services Tax (Amendment) Act 2018 w.e.f. 1-2-2019. However As per Circular No 98/18/2019 Dated Dated 23rd April 2019 : GST ITC utilization Clarified ,GST Portal is showing utilization as per Old Rules before section 49A and Section 49B. Till the new order of utilization as per newly inserted Rule 88A of the CGST Rules is implemented on the common portal, taxpayers may continue to utilize their input tax credit as per the functionality available on the common portal. ] ]

Section 49B CGST Act 2017 explains Order of utilisation of input tax credit.  and is covered in Chapter X – Payment of Tax

[Note : CGST Act 2017 also known as CENTRAL GOODS AND SERVICES TAX ACT, 2017 assented by the President of India on 12-4-2017 -An Act to make a provision for levy and collection of tax on intra-State supply of goods or services or both by the Central Government and the matters connected therewith or incidental thereto. ]

Order of utilisation of input tax credit.

49B. Notwithstanding anything contained in this Chapter and subject to the provisions of clause  (e) and clause (f) of sub-section (5) of section 49, the Government may, on the recommendations of the Council, prescribe the order and manner of utilisation of the input tax credit on account of integrated tax, central tax, State tax or Union territory tax, as the case may be, towards payment of any such tax.

Notes on Section 49B of CGST Act 2017

Circular No 98/18/2019 Dated 23rd April 2019 Seeks to clarify the manner of utilization of input tax credit post insertion of the rule 88A of the CGST Rules.

Also Refer Rule 88A CGST :ITC Utilization : Commentary


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