Gst setoff

This query is : Resolved

G.VIJAYALAKSHMI (Querist)
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18 February 2018 Available ITC

IGST - 96720
CGST - 65216
SGST - 1584

Liability

IGST - 0
CGST - 68076
SGST - 68076

How to setoff these amounts.

RAJA P M

RAJA P M (Expert)
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18 February 2018 Set off following way... CGST to CGST - 68076 - 65216 = 2860 SGST to SGST - 68076 - 1584 = 66492... IGST to CGST - (96720) - 2860 = (96434) IGST to SGST - (96434) - 66492 = 29942 After set off you have balance in IGST Rs. 29942

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
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18 February 2018 First Set off IGST after settings on any CGST ITC Balance Rs.2860/- than SGST ITC balance of IGST Rs.66492/-to Set off
Balance c/f IGST Rs.27368/-. After set off all balances.

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G.VIJAYALAKSHMI

G.VIJAYALAKSHMI (Querist)
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19 February 2018 Thanks for your valuable reply!
I follow your instruction step by step. Still I get following message.
Offset the CGST tax Liability before cross utilization of IGST credit against SGST tax liability.
Please guide me

RAJA P M

RAJA P M (Expert)
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19 February 2018 ITC of IGST will be adjustable to 1st IGST, 2nd CGST next SGST...

1st You adjust CGST to CGST then Same way In SGST to SGST....

2nd You ll adjust balance CGST from IGST fully clear with 0 CGST liability....

3rd SGST from IGST liability... After you can set off successfully

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G.VIJAYALAKSHMI

G.VIJAYALAKSHMI (Querist)
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19 February 2018 Same message appeared sir.

ITC Available Previous Month
IGST - 0
CGST - 65066
SGST - 1434

Jan 18 ITC Available
SGST - 96720
CGST - 150
SGST -150

LIABILITY
IGST -0
CGST - 68076
SGST - 68076
Kindly guide me.

G.VIJAYALAKSHMI

G.VIJAYALAKSHMI (Querist)
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19 February 2018 Same message appeared sir.
ITC Available Previous Month
IGST - 0
CGST - 65066 (Electronics Cash Ledger balance)
SGST - 1434 (Electronics cash ledger balance)
Jan 18 ITC Available
IGST - 96720
CGST - 150
SGST -150
LIABILITY
IGST -0
CGST - 68076
SGST - 68076
Kindly guide me.

Read more at: https://www.caclubindia.com/experts/gst-setoff-2630659.asp

RAJA P M

RAJA P M (Expert)
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19 February 2018 Madam.,
Your Total ITC Rs. 163520 and Liability Rs. 136152... After set off Your balance ITC available Rs. 27368....

Please check any late fee or interest amounts...

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