Go AD-Free with CAclubindia Pro and get a FREE CCI Coffee Mug. Subscribe Now!

ITC setoff new mechanism

18 March 2019

No clearance on gst portal about new ITC setoff mechanism started from 01.02.19. Plz clarify how to setoff ITC because portal suggesting old system of ITC setoff.

Reply
Follow
Share

4 Replies

CA Ankit Garg (MD | Genuine Filings) (781 Points)
Replied 18 March 2019

Hello Vikas,

New ITC mechanism is working fine, you just have to manually adjust it.

Thanks

1 Like

Upgrade to CAclubindia Pro. Subscribe Now!

meenakshi Gupta (7 Points)
Replied 18 March 2019

HELLO, SIR ITC MANUALLY EDIT KR RHA H, BUT OFFSET NHI HO RHA . WHAT'S THE SOLUTION

1 Like

CA Ankit Garg (MD | Genuine Filings) (781 Points)
Replied 18 March 2019

The Set-off option is working correctly, please check if there is any Late Fee due, which you have to pay in cash, it'll possibly the reason of not setting off. Further, if there is any balance left in CGST Input Account and you are trying to consume SGST against IGST then also it won't accept as you have to first utilise CGST agasint CGST or IGST completely.

IM Associates (Chartered Accountants) (22 Points)
Replied 06 July 2019

Can u kindly guide me as to whether the system will accept the offset of liability as per old rules if I edit it manually, as the system allows to edit it? I am paying for the month of March.