Credit utilization
This query is : Resolved
Amit Nandy
(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?
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?
CA R SEETHARAMAN
(Expert)
10 June 2017
Payable IGST 400 and CGST 100. SGST payable nil.
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
Accounting Entry will be
By IGST Payable .. 400
By SGST Payable ... 100
To Input SGST ... 500
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CA R SEETHARAMAN
(Expert)
10 June 2017
I agree with the above reply.
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