Credit utilization
This query is : Resolved
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?
10 June 2017
Payable IGST 400 and CGST 100. SGST payable nil.
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
Message likes :
1 times
10 June 2017
I agree with the above reply.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Section 194JA & JB Income which ITR Form to use
- Pass word to open justification report for Q1 for FY 2026-27
- PPF interest-As Exempt Income disclosure
- Under construction property in ITR
- Scrutiny and reopening of past returns
- Booth for sales promotion
- Upload Level ValidationITR3Category of Defect B/D
- Building tax payment deduction in rental Income
- F & O PROFIT REPORTING FOR AY 2026-27
- Difference in GSTR3B system generated which is correct and actual Payment it asks
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
