28 March 2019
My total liability under gst is CGST 24,00,000 and SGST 24,00,000. I had available itc in credit ledger IGST 33,00,000, CGST 2,72,000 and SGST 2,72,000 and in cash Ledger CGST 5,72,000 and SGCT 5,72,000. My calculation is CGST Liabi. 24,00,000-2,72,000(CGST credit)-5,72,000 (Cash ledger)-15,56,000(IGST Credit)=0 SGST Liab. 24,00,000-2,72,000(CGST credit)-5,72,000 (Cash ledger)-15,56,000(IGST Credit)=0 ITC in credit ledger is IGST =188000.
29 March 2019
I think you need to deduct ITC first then the balance of Cash Ledger. So there will be a balance in Cash Ledger. As per amendment from 1st feb, 2019 following is the priority for set off of ITC.
For CGST Output- First set off thru ITC of IGST, then CGST For SGST Output – First set off thru ITC of IGST, then SGST For IGST Output – First set off thru ITC of IGST, then CGST & then SGST
CAclubindia
