which will be utilised against input IGST(1800) IN ORDER AND HOW?
OUTPUT TQX LIABILITY
SGST- 1350
CGST- 1350
ITC GST Utilisation
Priya Kashyap (Student) (7053 Points)
21 February 2019
10 Replies
Rakesh Bandal
(Self Employed and Agriculture)
(1349 Points)
Replied 21 February 2019
First set off CGST and then SGST
Priya Kashyap
(Student)
(7053 Points)
Replied 21 February 2019
any reasonable utilisation logic behind it?
Anshuman Basu
(account -GST)
(1556 Points)
Replied 21 February 2019
1st utilise IGST from cgst output for RS 1350/ after adjustment of IGST balance IGST utilise from sgst for RS 450/-. Ur tax liability sgst fro rs900/-
Risvan P K
(Auditor)
(48 Points)
Replied 21 February 2019
As per section 49A of CGST act, with effect from 1st February 2019, Payment of CGST/SGST should be made by utilising the credit of IGST, then credit of CGST/SGST respectively.
Here in your case, first set off IGST credit of Rs.1350 against output tax liability of Rs.1350 of CGST. And then set off the balance credit available in IGST (Rs.450) against output tax liability of Rs.1350 of SGST, and pay the balance SGST liability of Rs.900 in cash
Here in your case, first set off IGST credit of Rs.1350 against output tax liability of Rs.1350 of CGST. And then set off the balance credit available in IGST (Rs.450) against output tax liability of Rs.1350 of SGST, and pay the balance SGST liability of Rs.900 in cash
satish Motipalli
(Student CA Final )
(119 Points)
Replied 21 February 2019
Yes correct answer risvan
Shaurya Sahrawat
(85 Points)
Replied 21 February 2019
IGST & CGST, Both are taxes for centre. So, ITC of IGST is utilized for CGST first.
This could be the logical reason.
This could be the logical reason.
CA Naveen Chand
(Chartered Accountant)
(12734 Points)
Replied 22 February 2019
| igst | cgst | sgst | |
| output | 0 | 1350 | 1350 |
| inputs | 1800 | 0 | 0 |
| net | -1800 | 1350 | 1350 |
| set off | 1800 | 1350 | 450 |
| laibility | 0 | 0 | 900 |
you have to pay SGST tax in cash amounting rs 900 /-
Nithin Sivadas
(Student CA CPT )
(212 Points)
Replied 25 February 2019
for set off order refer sec 49(5) of cgst act for clarity...
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