RESPECTED ALL MEMBERS
PLEASE SUGGEST ME
IN JAN 2020 3B
O/P. IGST. CGST AND SGST
27000. 562000. 562000
ITC. 5.3L. 4.29L. 4.29L
OLD NIL. 11L. NIL
ITC
NOW
SGST AMOUNT PAYBLE AGAINST IGST OR NOT ?
| By O/P, I presume you mean to say outward liability | |||||
| IGST | CGST | SGST | |||
| Tax Payable | 27,000.00 | 5,62,000.00 | 5,62,000.00 | ||
| ITC B/F | - | 11,00,000.00 | - | ||
| ITC for the month | 5,30,000.00 | 4,29,000.00 | 4,29,000.00 | ||
| IGST Paid from IGST Input | 27,000.00 | ||||
| CGST Paid from IGST Input | 5,03,000.00 | ||||
| CGST Paid from CGST Input | 59,000.00 | ||||
| SGST Paid from SGST Input | 4,29,000.00 | ||||
| Balance ITC | - | 14,70,000.00 | |||
| Balance Payable | - | - | 1,33,000.00 | ||
| First Set off IGST liability with IGST ITC | |||||
| Then use balance IGST ITC to set off CGST/SGST | |||||
| Basically, you first have to exhaust IGST ITC | |||||
| Only restriction is that CGST ITC cannot be used to set off SGST liability or vice-versa | |||||
CAclubindia
