IGST OUTPUT- NIL
CGST OUTPUT- 90
SGST OUTPUT- 90
IGST INPUT- 50
CGST INPUT- 150
SGST INPUT - 150
HOW TO setoff?
GST Setoff
Vi Shnu M (174 Points)
20 January 2020
4 Replies
Libissa
(Accountant)
(319 Points)
Replied 20 January 2020
ITC - IGST - 50, CGST - 150, SGST - 150, OTC - CGST - 90, SGST - 90
Calculation :- OUTPUT TAX - CGST PAYABLE - 90 LESS INPUT IGST - 50, CGST - 40 , EXCESS IN CGST ITC RS.100), OUTPUT TAX SGST - 90 LESS INPUT SGST - 150 - EXCESS IN SGST RS.60
Spurto Consultancy Services
(Consultant)
(1891 Points)
Replied 20 January 2020
At the time of set off:
1st step: Intra head set off. Hence 1st set off the liab as:
CGST Output 90 SGST Output 90
Set off: CGST Input 150 SGST Input 150
2nd Step: After 1st set off, if liability remains then use IGST Input. You Cannot set off CGST Liab with SGST input and vice a versa
CA Saloni
(Manager-Accounts & GST Consultant)
(5124 Points)
Replied 20 January 2020
First IGST input of Rs 50 has to be fully utilized. CGST output of Rs 90 will be first set off with IGST input of Rs 50. Then balance CGST output of Rs 40 will be set off with CGST input of Rs 150. Now c/f under CGST is Rs 40/-.
SGST output is to be set off with SGST input. Balance c/f in SGST is Rs 60/-
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 20 January 2020
Yes... I agreed with CA Saloni...
&
C/f Input Tax Credits under
CGST Rs 110
SGST Rs 60
&
C/f Input Tax Credits under
CGST Rs 110
SGST Rs 60
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