NEW SETOFF RULES IN GST
Rajkiran Ghosh (480 Points)
21 October 2018
SIR PLEASE TELL ME NEW SET OFF RULES FOR ITC IN GST???
11 Replies
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
Rajkiran Ghosh
(480 Points)
Replied 21 October 2018
i am asking about new rules for itc set off under gst
Pankaj Rawat
(GST Practitioner)
(55052 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
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
Pankaj Rawat
(GST Practitioner)
(55052 Points)
Replied 21 October 2018
So Dear currently you have to follow & refer Section 49 CGST , how to setoff
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