CBIC's clarification in respect of utilization of input tax credit (ITC) under Rule 88A

CBIC issues clarification in respect of utilization of input tax credit (ITC) under GST after issuance of the newly inserted rule 88A in the CGST Rule, 2017; Explains that ITC of IGST can be utilized towards the payment of Central tax and State tax or Union territory tax, in any order/proportion: However, clarifies that this is subject to the condition that the entire ITC on account of IGST is completely exhausted first before the credit on account of Central tax or State / U...