ALL RESPECTED MEMBERS
CGST PAYBLE IS 800000
SGST PAYBLE IS 800000
CGST ITC. 900000
SGST. ITC. 500000
IGST ITC. 100000
SO NOW SGST PAYBLE OR NOT PLEASE SUGGEST ME
As per new ITC utilisation rules:
At the option of the taxpayer
First pay CGST liability out of such balance of IGST Credit and if balance IGST credit still remains pay SGST liability out of such remaining balance
Or
First pay SGST liability out of such balance of IGST Credit and if balance IGST credit still remains pay CGST liability out of such remaining balance.
In either case, tax payer should ensure that all available balance in IGST Credit remaining after utilisation of IGST credit for payment of IGST output liability, must be utilized to the extent of output Tax liabilities under CGST and SGST.
If any balance IGST Credit remains even after full payment of CGST and SGST liabilities, balance of IGST credit still left shall be automatically carried forward in the Electronic ledger to the next period as opening balance of IGST credit.
Accordingly in your case, there would be liability on account of SGST (INR 200000 or 300000), as per above utilisation.
CAclubindia
