Meaning of ‘relevant period’ :
The relevant period shall be as follows – [Explanation (a) to section 20 of CGST Act]
(a) if the recipients of the credit have turnover in their States or Union territories in the financial year preceding the year during which credit is to be distributed, the said financial year; or
(b) if some or all recipients of the credit do not have any turnover in their States or Union territories in the financial year preceding the year during which the credit is to be distributed, the 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.