I am purchasing material from other state & said material sold to in our state.
all above transactions we are claiming IGST & Paid CGST & SGST.
Please explain me how can we setoff IGST in sequence wise
If it is possible to IGST setoff in CGST & SGST (50:50) equal.
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ITC setoff rule in igst
Replies (5)
No first u use IGsT balance to set of Cgst and if any balance left with IgSt then u used itni setoff sGst
@ Rajat jain , didn't understand this concept. kindly explain with more simple way.
Suppose input IGST is rs 100/- and output cgst and sgst rs 70/- each. now setup will be first rs 100 of IGST will be setoff from cgst (100-70=30).balance igst30/- will be setoff from sgst. tax will rs 40/- of sgst
First utilise IGST against IGST
Then if any balance is left in IGST can be used in any manner for Payment of CGST and SGST
Then if any balance is left in IGST can be used in any manner for Payment of CGST and SGST
Thanks sir
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