Sir, Can we adjust IGST amount received from Sales Return, with Sale of CGST and SGST tax liability.
Kindly reply as soon as possible
17 Replies
Ravi SADhiyan
(Practice)
(4510 Points)
Replied 30 July 2019
| Originally posted by : dheeraj gagad | ||
 |
Yes, only after setting off IGST liability |  |
Dear Sir,
Kindly explain with example
dheeraj gagad
(CA)
(198 Points)
Replied 30 July 2019
Vide Notification No. 16/2019-CT dated 29.03.2019, following Rule 88A has been inserted which is effective from 29.03.2019 itself. It provides as follows:
“Rule 88A. Order of utilization of input tax credit.- Input tax credit on account of integrated tax shall first be utilised towards payment of integrated tax, and the amount remaining, if any, may be utilised towards the payment of central tax and State tax or Union territory tax, as the case may be, in any order:
Provided that the input tax credit on account of central tax, State tax or Union territory tax shall be utilised towards payment of integrated tax, central tax, State tax or Union territory tax, as the case may be, only after the input tax credit available on account of integrated tax has first been utilised fully.”
Kindly refer above provision
“Rule 88A. Order of utilization of input tax credit.- Input tax credit on account of integrated tax shall first be utilised towards payment of integrated tax, and the amount remaining, if any, may be utilised towards the payment of central tax and State tax or Union territory tax, as the case may be, in any order:
Provided that the input tax credit on account of central tax, State tax or Union territory tax shall be utilised towards payment of integrated tax, central tax, State tax or Union territory tax, as the case may be, only after the input tax credit available on account of integrated tax has first been utilised fully.”
Kindly refer above provision
Shweta Gupta
(Assistant Manager)
(224 Points)
Replied 30 July 2019
Payment for First set off from Then set off from
SGST. SGST IGST
CGST CGST. IGST
IGST. IGST. CGST and SGST
SGST. SGST IGST
CGST CGST. IGST
IGST. IGST. CGST and SGST
Ravi SADhiyan
(Practice)
(4510 Points)
Replied 30 July 2019
| Originally posted by : dheeraj gagad | ||
|
Vide Notification No. 16/2019-CT dated 29.03.2019, following Rule 88A has been inserted which is effective from 29.03.2019 itself. It provides as follows:“Rule 88A. Order of utilization of input tax credit.- Input tax credit on account of integrated tax shall first be utilised towards payment of integrated tax, and the amount remaining, if any, may be utilised towards the payment of central tax and State tax or Union territory tax, as the case may be, in any order:Provided that the input tax credit on account of central tax, State tax or Union territory tax shall be utilised towards payment of integrated tax, central tax, State tax or Union territory tax, as the case may be, only after the input tax credit available on account of integrated tax has first been utilised fully.”Kindly refer above provision | |
Dear Sir
Above query related to sale return
Not for Purchase
dheeraj gagad
(CA)
(198 Points)
Replied 30 July 2019
@ shweta gupta. The above provision is prior to 01.2.2019
Shweta Gupta
(Assistant Manager)
(224 Points)
Replied 30 July 2019
new provision :-
As per rules effective 1st February 2019, the following rules will apply for any tax payments made –
Payment for First set off Then set off
SGST. IGST. SGST
CGST. IGST CGST
IGST. IGST. CGST and SGST
As per rules effective 1st February 2019, the following rules will apply for any tax payments made –
Payment for First set off Then set off
SGST. IGST. SGST
CGST. IGST CGST
IGST. IGST. CGST and SGST
dheeraj gagad
(CA)
(198 Points)
Replied 30 July 2019
Sir for recipient it will be ITC on IGST sales return. Recipient needs to adjust as per the provisions
Ravi SADhiyan
(Practice)
(4510 Points)
Replied 30 July 2019
Sale return adjusted againts Credit Note
How to show in GSTR-3B
Kindly explain sir with example
dheeraj gagad
(CA)
(198 Points)
Replied 30 July 2019
The tax on sales return to be shown in ITC and to be adjusted against CGST and SGST
MD GULFAM
(SR. ACCOUNTANT)
(34 Points)
Replied 30 July 2019
First of all Thanks to Mr Ravi and Mr. Dheeraj for their quick response.
Exactly, my question is Related to IGST amount received from Sales Return, Can we adjust with our Sales Liability Intra State i.e. CGST and SGST liability ?
Mr. Dheeraj if we treat Sales Return tax amount as a ITC, then why this amount is not reflecting in our GSTR - 2A
Kindly clarify my doubt.
Thanking you
MD GULFAM
(SR. ACCOUNTANT)
(34 Points)
Replied 30 July 2019
First of all Thanks to Mr Ravi and Mr. Dheeraj for their quick response.
Exactly, my question is Related to IGST amount received from Sales Return, Can we adjust with our Sales Liability Intra State i.e. CGST and SGST liability ?
Mr. Dheeraj if we treat Sales Return tax amount as a ITC, then why this amount is not reflecting in our GSTR - 2A
Kindly clarify my doubt.
Thanking you
Ravi SADhiyan
(Practice)
(4510 Points)
Replied 30 July 2019
How to adjusted in GSTR-3B
Kindly explain
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