Gst-order of utilization of credit

ITC / Input 142 views 3 replies

Hi Friends,

Required clarity on the order of utilization of credit under GST. It will be helpful if it can be answered basis the following case law:

 

Output tax liability:

IGST = 1,00,000 ; CGST= 2,00,000, SGST = 2,00,000

Input Tax credit:

IGST= 2,50,000; CGST = 1,50,000; SGST = 1,50,000

The total input tax credit available is more than output tax liability. Can anyone help with the order of utilization of input tax credit. Have got a similar case and same needs to be filed.

Thanks in advance 

 

Replies (3)
IGST Input of Rs 2.5 Lacs will 1st be used to set off IGST Liability of Rs. 1 lac, then CGST liability of Rs. 50 K & then SGST
igst-igst,igst 50000+cgst 150000-cgst liablity,
igst 50000+sgst 150000=sgst 200000


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