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Credit utilization

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(Querist)
10 June 2017 Please reply the following question.

If a particular case book balance of Input SGST Rs-500/-, Output IGST-400/-, Output CGST-100/-, Output SGST-100/- then payable amount will be? and what accounting entries need to be done?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
10 June 2017 Payable IGST 400 and CGST 100. SGST payable nil.
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Sagar Doshi

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Sagar Doshi (Expert)
10 June 2017 As per Section 49(5) of CGST Act and also referencing to Section 49(5) of respective State GST Act, SGST Credit can be utilized for payment of SGST and balance which is left can be use for payment of IGST. Therefore, Output CGST 100 and IGST and SGST will be Nill.

Accounting Entry will be

By IGST Payable .. 400
By SGST Payable ... 100
To Input SGST ... 500
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
10 June 2017 I agree with the above reply.
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