Please help in adjusting GST One of my Client has the taxes as attached in Excel
Thanks in Advance
21 Replies
Deepak Gupta
(CA Student)
(15922 Points)
Replied 16 August 2017
First use CGST credit to set off CGST liability and SGST credit to set off SGST liability. After this, there’ll be SGST credit of Rs. 1,900/- and CGST credit of Rs. 1,900/- left. Use it to set off IGST liability and balance payable will be Rs. 700/-.
|
Input tax |
Output tax |
|
IGST |
IGST CGST SGST |
|
CGST |
CGST IGST |
|
SGST |
SGST IGST |
|
UTGST |
UTGST IGST |
Cross-utilization of credit is available only as above in that order. The main restriction is that the CGST credit cannot be utilized for payment of SGST or UTGST and vice versa.
Vageesh Tavarad
(Accountant)
(140 Points)
Replied 16 August 2017
Thank You Very Much For Your Information
Vageesh Tavarad
(Accountant)
(140 Points)
Replied 16 August 2017
So 1900 SGST and 700 ISGT I need Pay Right Sir ?
Vageesh Tavarad
(Accountant)
(140 Points)
Replied 16 August 2017
Sir Please Dont Mind..Have a Look at Excel ..Are Calculations are Correct ?
Attached File : 1854764 20170816202600 sample.xlsx downloaded: 146 times
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 16 August 2017
Your calculation is exactly wrong....
IGST payable is Rs. 3623...
IGST payable is Rs. 3623...
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 16 August 2017
You set off following...
IGST Output = Rs. XXX
CGST Input = (-) Rs. XXX
SGST Input = (-) Rs. XXX
Then you get exact value....
IGST Output = Rs. XXX
CGST Input = (-) Rs. XXX
SGST Input = (-) Rs. XXX
Then you get exact value....
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 17 August 2017
You can wait for Opening Amendment section....
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 17 August 2017
Composition to regular is anytime available. But, Regular to Composition is not available anytime. it's only next FY 18-19
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