I am in TamilnaduITC SETOFFV Rules w.e.f ? and another one
we have an Igst credit note that is adjustable in Cgst or carry the Next month
Mr. Lingam,
Please elaborate the concern.
Dharma Lingam (72 Points)
02 August 2019
Lalit Goenka
(GST Practitioner)
(117 Points)
Replied 02 August 2019
Mr. Lingam,
Please elaborate the concern.
Dharma Lingam
(72 Points)
Replied 02 August 2019
Dharma Lingam
(72 Points)
Replied 02 August 2019
Lalit Goenka
(GST Practitioner)
(117 Points)
Replied 02 August 2019
Means you have returned the Goods to the seller?
Lalit Goenka
(GST Practitioner)
(117 Points)
Replied 02 August 2019
Mr. Lingam,
Then your Input of IGST would get reduced by 62000.
Input of CGST/SGST=50000 & IGST=218000 (i.e. 280000 - 62000)
Output of CGST/SGST=90000 & IGST=190000
Output of IGST 190000 would get set off with Input of IGST 190000 (Input IGST of 28000 would remain)
Output of CGST/SGST 90000 would get set off with Input of IGST 28000 (in any order or proportion) say, 14000 each.
Output of remianing CGST/SGST i.e. 62000 would get set off with Input of CGST/SGST 50000 say, 25000 each.
Output of remaining CGST/SGST i.e. 12000 needs to be paid in Cash say, 6000 each.
Set Off can be made in below mentioned order:
First, ITC of IGST needs to be used to set off IGST Liability.
Second, ITC of IGST needs to be used to set off CGST or SGST Liability, in any order or proportion. Make sure that ITC of IGST is exhausted before moving ahead.
Third, ITC of CGST or SGST can be used to set off other liability as applicable in below mentioned order.
ITC of CGST with CGST then IGST
ITC of SGST with SGST then IGST
You can refer to the below link for more details.
https://www.cbic.gov.in/htdocs-cbec/gst/Circular-98-17-2019-GST.pdf
Dharma Lingam
(72 Points)
Replied 02 August 2019
Lalit Goenka
(GST Practitioner)
(117 Points)
Replied 02 August 2019
Input of CGST/SGST=50000 & IGST=218000 (i.e. 280000 - 62000) Output of CGST/SGST=90000 & IGST=190000
Is CGST/SGST mentioned here is for both or each?
Lalit Goenka
(GST Practitioner)
(117 Points)
Replied 02 August 2019
If it is for each:
If it is for both:
Dharma Lingam
(72 Points)
Replied 02 August 2019
Lalit Goenka
(GST Practitioner)
(117 Points)
Replied 02 August 2019
Yes, as you dont have that much of ITC available with you
Dharma Lingam
(72 Points)
Replied 02 August 2019
Lalit Goenka
(GST Practitioner)
(117 Points)
Replied 02 August 2019
Please share your way of setting off.
LIVE Form 10 B and Form 10BB: Handle Tax Audit Reports of Charitable Organizations(with recording)
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