Input tax credit
Yasir (article assistant ) (449 Points)
06 April 2021IGST 2860
SGST 1122
CGST 1122
Output Tax Liability March 2021
CGST 2552
SGST 2552
how to set off balance against ITC?
RENU SHARMA
(1388 Points)
Replied 06 April 2021
zishan mandli
(203 Points)
Replied 07 April 2021
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 07 April 2021
Originally posted by : Yasir | ||
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Input tax credit ledger February 2021 balancesIGST 2860SGST 1122CGST 1122Output Tax Liability March 2021CGST 2552SGST 2552 how to set off balance against ITC? | ![]() |
CGST: 2252 - 1430 (half of IGST ITC) - 1122 (CGST ITC) = liability nil
SGST: 2252 - 1430 (half of IGST ITC) - 1122 (SGST ITC) = liability nil
Bhavika Kothari
(CA)
(1258 Points)
Replied 09 April 2021
You need to first set off the CGST liability with CGST credit and SGST liability with SGST credit then set off the liabilities with IGST credit. You will get these details auto-filled by GSTN
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