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IGST Credit note adjustment in 3B

VENUGOPAL (C A) (65 Points)

16 October 2024

Kindly help.

I am having IGST credit note worth Rs. 100000/-. I have not raised any bills after this credit note under IGST. But I have output under CGST and SGST. My query is how to adjust this IGST credit note in GSTR3B? is it possible to adjust against CGST/SGST output?

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Rama chary Rachakonda (Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294) (4449 Points)
Replied 16 October 2024

You have an IGST credit note worth Rs. 100,000 and no IGST output, but you have CGST and SGST output. To adjust this IGST credit note in GSTR3B: 1. You can't directly adjust the IGST credit note against CGST/SGST output. 2. However, you can utilize the IGST credit note to pay IGST liability on your future outputs (if any). 3. If you don't have IGST output, you can transfer the IGST credit note to CGST and SGST, but only after obtaining a refund of the IGST credit note. To transfer the IGST credit note to CGST and SGST: 1. File Form GST RFD-01A to refund the IGST credit note. 2. Once the refund is processed, the IGST credit note will be transferred to CGST and SGST credits. 3. You can then adjust the transferred credits against your CGST and SGST output. In your GSTR3B return: 1. Report the IGST credit note in the "Input Tax Credit" table (Table 4). 2. Show the transfer of IGST credit note to CGST and SGST in the "Adjustments" table (Table 13). Consult a tax professional or expert to ensure accurate reporting and compliance. Remember, the IGST credit note can only be utilized for IGST liability or refunded, not directly adjusted against CGST/SGST output.

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VENUGOPAL (C A) (65 Points)
Replied 16 October 2024

Thank you very much for the reply.

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