Allocation of IGST?
Harshit Acharya (404 Points)
28 March 2020
Is IGST allocated between center and state in 50%-50% manner or is there any other manner of distribution?
9 Replies
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 28 March 2020
The IGST allocated to first CGST fully after that SGST...
(My reply except IGST set off as per Your query ).
(My reply except IGST set off as per Your query ).
Harshit Acharya
(404 Points)
Replied 28 March 2020
I think you answered about manner of "ITC" distribution of IGST.
My query is IGST which I have paid , how will it be allocated between central and state government (50-50) or Is there any other manner of settlement?
My query is IGST which I have paid , how will it be allocated between central and state government (50-50) or Is there any other manner of settlement?
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 28 March 2020
Sorry dear, I can't understand...
Can You elaborate with some details...?!
Can You elaborate with some details...?!
Harshit Acharya
(404 Points)
Replied 28 March 2020
In an intra state supppy we pay Cgst and sgst .Cgst belongs to Central govt's revenue and sgst belongs to state govt's revenue (state where the destination of supply is there -POS).
Likewise, in inter state supply we pay IGST .This IGST is collected by CENTRAL GOVT and then distributed (a part of it ) to STATE GOVT also.
I AM ASKING THE MANNER (PROPORTION) OF ITS DISTRIBUTION.
IS IT 50% TO CENTRAL GOVT AND 50% TO STATE GOVT OR IS THERE ANY OTHER MANNER OF SETTLEMENT??
Likewise, in inter state supply we pay IGST .This IGST is collected by CENTRAL GOVT and then distributed (a part of it ) to STATE GOVT also.
I AM ASKING THE MANNER (PROPORTION) OF ITS DISTRIBUTION.
IS IT 50% TO CENTRAL GOVT AND 50% TO STATE GOVT OR IS THERE ANY OTHER MANNER OF SETTLEMENT??
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 28 March 2020
Better to refer the details through the act. It's to clear Your doubts "GST (Compensation to the States) Act"
suraj
(Student CA Final )
(288 Points)
Replied 28 March 2020
Dear Harshit
IGST credit first to be utilised with OUTPUT IGST .
Balance IGST Credit can be utlised in any ratio for OUTPUT SGST or OUTPUT CSGT.
It depends on you how you want to utilise your IGST credit against CGST AND SGST
take 50|50 or 70|30 or 100/0..any choice you want
IGST credit first to be utilised with OUTPUT IGST .
Balance IGST Credit can be utlised in any ratio for OUTPUT SGST or OUTPUT CSGT.
It depends on you how you want to utilise your IGST credit against CGST AND SGST
take 50|50 or 70|30 or 100/0..any choice you want
Harshit Acharya
(404 Points)
Replied 28 March 2020
Please read the question again my 5th explanation,sir. You are mistaken.
It is not about "ITC"
It is not about "ITC"
Spurto Consultancy Services
(Consultant)
(1891 Points)
Replied 28 March 2020
The manner of IGST distribution between Center & State have been mentioned in GST Compensations Act.
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