INPUT TAX CREDIT
varun (study) (52 Points)
17 November 2020
Is credit of CGST AND SGST can be utilised to pay IGST?
3 Replies
Abhishek Selvam O
(374 Points)
Replied 17 November 2020
Yes can be utilisied for setoff,,
CGST-First-CGST And IGST
SGST-First-SGST And IGST.
CGST-First-CGST And IGST
SGST-First-SGST And IGST.
Shivam RC
(Student)
(23683 Points)
Replied 17 November 2020
Yes Varun Sir it can be utilised by virtue of Section 49 of the CGST Act 2017.
As per the Provision of Section 49(5) clause (b) of the CGST Act 2017, ITC on account of CGST shall first be utilised to pay CGST Output tax and balance, if any, shall be utilized to pay IGST liability.
Similarly under Provision of Section 49(5) clause (c) of the CGST Act 2017, ITC on account of SGST shall first be utilized towards payment of SGST liability and balance, if any, shall be utilised to pay off IGST liability.
As per the Provision of Section 49(5) clause (b) of the CGST Act 2017, ITC on account of CGST shall first be utilised to pay CGST Output tax and balance, if any, shall be utilized to pay IGST liability.
Similarly under Provision of Section 49(5) clause (c) of the CGST Act 2017, ITC on account of SGST shall first be utilized towards payment of SGST liability and balance, if any, shall be utilised to pay off IGST liability.
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