Dharma Lingam • 15 August 2019
our July month detail
Output Cgst& sgst-480000each& igst- 2600000
input Cgst &sgst- 686000& igst- 1246000
Lalit Goenka sir pls expalin to us in table format based on above mentioned amount
Menu
Rule setoff49A
Replies (1)
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
after adjusting as per the instructions given you have to pay by cash of Rs 9,42,000 for IGST liability. There is no carry forward for cgst or sgst.
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
after adjusting as per the instructions given you have to pay by cash of Rs 9,42,000 for IGST liability. There is no carry forward for cgst or sgst.
Recent Threads
- GST Tax invoice Value Rs..234000
- Can I claim benefit under 54F if I sell my equity
- Income tax refund 25/26
- Who is responsible for paying GST Liability (If th
- Excess Payment on RCM
- AOC4 auto population of previous year data
- Exports against INR PO payable by Domestic Company
- Which websites are best for government exam prepar
- TDS on maturity payment of LIC of india
- ITR2 Gold ETF short and long term
Related Threads
CAclubindia
