CAN I ADJUST OPENING ITC OF EXCISE DUTY TRANSFERRED AS CGST AGAINST THE IGST OUTPUT LIABILITY FOR THE MONTH OF JULY17 AFTER ADJUSTING THE FULL CGST LIABILITY OF JULY17
4 Replies
Madhukar N Hiregange
(Chartered Accountant)
(39034 Points)
Replied 26 August 2017
Yes. order is cgst-igst-.
SANJEEV
(SERVICE)
(35 Points)
Replied 26 August 2017
SIR I CAME TO KNOW OF OTHER ORDER ALSO AS OPENING ITC TRANSFERRED AS CGST AS ON 01.07.2017 CAN BE SET OFF ONLY AGAINST CGST LIABILITY TILL THE END OF ITC
Md Abdul Hakim
(Student)
(67 Points)
Replied 26 August 2017
because ITC with respect to input can be adjusted as under;
1.CGST>CGST,IGST
2.SGST>SGST,IGST
3.IGST>CGST,SGST,IGST
In your question I had EXCISE Duty cenvat in TRAN1 which will be transferred to CGST, therefore CGST can be adjusted against IGST as per above set off Rule.
1.CGST>CGST,IGST
2.SGST>SGST,IGST
3.IGST>CGST,SGST,IGST
In your question I had EXCISE Duty cenvat in TRAN1 which will be transferred to CGST, therefore CGST can be adjusted against IGST as per above set off Rule.
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