Input Tax Credit

(10) If the input tax credit of a registered dealer, for a tax period exceeds the tax liability for that period, the excess amount shall be adjusted against the tax liability, if any, under the Central Sales Tax Act, 1956, for the same tax period and the balance shall be credited against any outstanding tax, penalty or interest under this Act or under the Central Sales Tax Act, 19,56 and only the remaining amount shall be carried forward by the dealer to succeeding tax periods and the amount shall be deemed to be an input tax credit for that period: Provided that if any amount is refundable ‘to a dealer on account of sale of goods in the course of export, he shall, after the end of every quarter of a year, be entitled, to the refund of excess amount as per the provisions of Section 37 of this Act.