I have ITC of IGST 45k, CGST 90k, SGST 2L and have output liability of 1L each for IGST, CGST, and SGST. What is Setoff rule. Please give me notification number if possible.
CGST 1,00,000-90,000= 10,000 in cash. SGST 1,00,000-2,00,000= (1,00,000) ITC remain IGST 1,00,000-45,000= 55,000 can be set of against 1,00,000 remain ITC of SGST So, after that it's Zero. Note: You can't set of SGST again' CGST, So, required to pay CGST 10,000 and in SGST bal credit remain 45,000.
If you pay IGST & SGST from the ITC balance of SGST. And then, pay CGST from the ITC balance of CGST & IGST, you won't have to pay anything in cash. That's my opinion.
@ Mr.Jamil Ahmed it's not allowed as per GST Act. First you have to use IGST against IGST only, than after balance if any you can use for other head... Directly other head not allowed.
Leave a Reply
Your are not logged in . Please login to post replies
CAclubindia
