shobhit (Artical Executive) (115 Points)
20 August 2017Dear Sir
I want to know about GST Tax omputation
if my IGST on outwars sipply is more than inward supply and SGST and CGST on inward supply is more than outward suppy, how to calculate tax amount
for ex
Tax on inward supply
IGST 11512.80
CGST 5828.13
SGDT 5828.13
Tax on outward supply
IGST 38443.14
CGST 2628.27
SGST 2628.27
the que is what will be the taxable amount
CGST and SGST Input tax credit can be setoff against the IGST or not
Deepak Gupta
(CA Student)
(15922 Points)
Replied 21 August 2017
GST Payable = INR 20,531/-
|
Input tax |
Output Tax |
|
IGST |
IGST CGST SGST |
|
CGST |
CGST IGST |
|
SGDT |
SGST IGST |
|
UTGST |
UTGST IGST |
Cross-utilization of credit is available only as above in that order. The main restriction is that the CGST credit cannot be utilized for payment of SGST or UTGST and vice versa.
CAclubindia
