Adjustment of CGST reversal against IGST Credit due to payment not made in 180 days
This query is : Resolved
SANTOSH PATIL
(Querist)
21 October 2023
We have to reverse the CGST Credit of Rs 82000/- due to non payment within 180 days. But we only have 20000 credit in CGST Ledger. Can we adjust IGST Credit to reverse the CGST liability. Kindly guide.
Santosh Patil
Santosh Patil
20 January 2024
With the new rules in place, it is mandatory to utilise the entire IGST available in electronic credit ledger before utilising ITC on CGST or SGST. The order of setting off ITC of IGST can be done in any proportion and any order towards setting off the CGST or SGST output after utilising the same for IGST output.
https://cleartax.in/s/gst-input-tax-credit-utilisation
https://cleartax.in/s/gst-input-tax-credit-utilisation
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