Ad-Free CAclubindia and Daily Updates on your mobile. Subscribe Now!

NEW SETOFF RULES IN GST

Rajkiran Ghosh (479 Points)

21 October 2018

SIR PLEASE TELL ME NEW SET OFF RULES FOR ITC IN GST???

Reply
Follow
Share

11 Replies

rahul (a) (1620 Points)
Replied 21 October 2018

new????????????

Upgrade to CAclubindia Pro. Subscribe Now!

Hitesh (Student) (3549 Points)
Replied 21 October 2018

Refer Sec 16 of cgst act for availing ITC. As such there are no new set off rukes

rahul (a) (1620 Points)
Replied 21 October 2018

hitesh ji 👍👍👍👍👍👍👍👍👍

Rajkiran Ghosh (479 Points)
Replied 21 October 2018

yes i am asking about new set off rules

Hitesh (Student) (3549 Points)
Replied 21 October 2018

Rajkiran sir unable to get your question?

Upgrade to CAclubindia Pro. Subscribe Now!

Rajkiran Ghosh (479 Points)
Replied 21 October 2018

i am asking about new rules for itc set off under gst

rahul (a) (1620 Points)
Replied 21 October 2018

rajkiran ji no new rules...

Rajkiran Ghosh (479 Points)
Replied 21 October 2018

u said old rule is applicable???

Vinod Babu (24191 Points)
Replied 21 October 2018

There is no new set-off rules in gst.

Pankaj Rawat (GST Practitioner) (55047 Points)
Replied 21 October 2018

Yes As per New Amened Act (No.31 of 2018) The new two section are added in this regards 49A & 49B

49A. Notwithstanding anything contained in section 49, 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 towards such payment.
49B. Notwithstanding anything contained in this Chapter and subject to the
provisions of clause (e) and clause (f) of sub-section (5) of section 49, the Government
may, on the recommendations of the Council, prescribe the order and manner of
utilisation of the input tax credit on account of integrated tax, central tax, State tax or
Union territory tax, as the case may be, towards payment of any such tax.”

But , the Provision of this Act is not Implemented Yet , it will be come into for only when notify by council by issuing Notification