Relevant period for distribution of credit:
(a) If the recipient of credit has turnover in their State in preceding financial year of the year in which credit is distributed – Such financial year.
(b) If some or all recipients do not have any turnover in their State in preceding financial year of the year in which credit is distributed – Last quarter for which details of such turnover of all the recipients are available, previous to the month during which credit is to be distributed.
The analysis of above provision in a pictorial form is summarised as follows: