Setoff
This query is : Resolved
05 August 2020
IGST. CGST. SGST
Liability. 100. 50. 50
RCM. 2. 1. 1
Input. 150. 40. 40
How to setoff and balance c/f and tax payable
Liability. 100. 50. 50
RCM. 2. 1. 1
Input. 150. 40. 40
How to setoff and balance c/f and tax payable
06 August 2020
You have to first utilise all the IGST credit. But because SGST liability is more than SGST ITC balance , I would suggest you to utilise as under-
1. IGST utilisation-Rs. 150 ITC as (150-100-2- 30(cgst liab)- 18(SGST liab). This makes your IGST ITC balance will become nil.
2. Balance CGST liability you can discharge by utilising CGST credit (40-21).This will leave CGST ITC balance of Rs.19.
3. Balance SGST liability you can discharge by utilising SGST credit (40-33).This will leave SGST balance of Rs.7.
Thus in the above manner you do not need to pay cash.
1. IGST utilisation-Rs. 150 ITC as (150-100-2- 30(cgst liab)- 18(SGST liab). This makes your IGST ITC balance will become nil.
2. Balance CGST liability you can discharge by utilising CGST credit (40-21).This will leave CGST ITC balance of Rs.19.
3. Balance SGST liability you can discharge by utilising SGST credit (40-33).This will leave SGST balance of Rs.7.
Thus in the above manner you do not need to pay cash.
06 August 2020
Sir, Is it permissible as GST Portal auto calculate the figure it utilised IGST TO CGST
06 August 2020
I think can change the auto calculated figures in cgst/sgst.just check and let me know
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