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Setoff Rule

225 views 10 replies

Shivanshu Dosar

37 Points Joined July 2020

if I have igst cgst sgst credit balance.
so can I adjust cgst to cgst
sgst to sgst
and after adjustment if balance is still pending to pay and then we utilize the credit of IGST.

Replies (10)

Balamurali Unnithan MS

STUDENT

1631 Points Joined August 2017

Set off rules.

IGST set off with both CGST & SGST.

SGST set off 1st with IGST, Then SGST
CGST set off 1st with IGST, Then CGST.

Then set off possible with CGST & SGST.

CMA Poornima Madhava

CMA

13117 Points Joined May 2009

IGST ITC to be completely exhausted before utilizing CGST & SGST ITC.

Sateesh Kumar

199 Points Joined March 2020

IGST =IGSTAND CGST AND SGST
CGST=CGST AND SGST
SGST=SGST only use

Balamurali Unnithan MS

STUDENT

1631 Points Joined August 2017

Satheesh Ji -CGST & SGST -cannot set off together.

CA. Sourav Sarkar

Chartered Accountant

24588 Points Joined November 2019

You're right shivanshu

Imthias ahamed Kormath

915 Points Joined July 2017

U stated that u have balance in igst,
u claimed it fully, it means that u have no stock in hand.
u can not aduject itc against ur value addition liability on corresponding goods.

RENU SHARMA

1388 Points Joined September 2020

If you have credit balance in igst
set off rule
igst = igst + cgst
igst = igst+ sgst
cgst = igst+cgst

sgst= igst+ sgst

CA. Sourav Sarkar

Chartered Accountant

24588 Points Joined November 2019

Agree

sabyasachi mukherjee

28057 Points Joined May 2017

There cant different set of rules.
Rules are very specific for adjusting CGST WITH IGST OR SGST.

How did treat adujectment:-
1.When purchase from inter state
ur igst devided as cgst and Sgst.
2. when purchase from intra state
ur Cgst and Sgst as same,But this
purchase moved to inter state,Cgst
and Sgst transferred as igst fully.