Sourabh Katiyar (-) (111 Points)
06 May 2024Respected Members,
If i set off IGST Credit Balance with SGST first and then set off the balance amount with CGST. Will there be any problem in this ITC setoff method.
As There is Tax liabilty in SGST balance and if i set off the SGST first then tax liability become NIL due to excess ITC in CGST ledger.
Pls provide your feedback in this.
CA Anoop Kumar Sharma
(Accounts Manager)
(2065 Points)
Replied 06 May 2024
1) Yes, No Problem
2) Yes, however it is important to note the IGST balance will be NIL at the end of the setoff for particular month adjust either CGST or SGST. In other words after setoff (first with CGST or SGST) IGST balance became ZERO.
CAclubindia
