Section 53 - transfer of input tax credit of cgst act, 2017

Hi there,

I was going through sec 53 of CGST Act, 2017 but couldn't interpret the same. Request someone to explain lucidly

53. Transfer of input tax credit-
'On utilisation of input tax credit availed under this Act for payment of tax dues under the Integrated Goods and Services Tax Act in accordance with the provisions of sub-section (5) of section 49, as reflected in the valid return furnished under sub-section (1) of section 39, the amount collected as central tax shall stand reduced by an amount equal to such credit so utilised and the Central Government shall transfer an amount equal to the amount so reduced from the central tax account to the integrated tax account in such manner and within such time as may be prescribed. "

Thanks in Advance

Omkareshwar