Input tax credit
This query is : Resolved
02 August 2017
My Question is can we adjust diffrent-2 rate of IGST Input to CGST Output ? like we have two type IGST input 18% + 5% = 25000 and we have out put of CGST 18% + 5% = 43000. can i have to pay under CGST - 18000.00 & SGST - 43000.00 ?
02 August 2017
Unable to understand your question
...
03 August 2017
Dear Ms.Rashmi,
May be it can confussing..... pls note detailed...
We have two type of taxable services, which are 18% , 5% and we have eligible for CGST, SGST, & IGST. Suppose our monthy Output IGST 18 % - 5000.00 and Input IGST 18% = 11000 Net IGST input = (6000.00) in same way Output IGST 5 % - 3000.00 and Input IGST 18% = 18000, net IGST Input 5% = (15000.00) Then Total Net Adjustable Input is (15000) + (6000) = (21000.00)
In Same month Output CGST 9 % - 22000.00 and Input CGST 9% = 9000 Net CGST 9% payable = 13000.00 & SGST 9 % - 22000.00 and Input SGST 9% = 9000 Net SGST 9% payable = 13000.00 in same way CGST 2.5 % - 32000.00 and Input CGST 2.5% = 13000 Net CGST 2.5% payable = 19000.00 & SGST 2.5 % - 32000.00 and Input SGST 2.5% = 13000 Net SGST 2.5% payable = 19000.00 Then Total CGST Payable is 13000 + 19000 = 32000.00 Then Total SGST Payable is 13000 + 19000 = 32000.00
TOTAL IGST INPUT RETAIN – (21000.00)
TOTAL CGST PAYABLE – 32000.00
TOTAL SGST PAYABLE – 32000.00
CAN I ADJUST IGST CREDIT FROM CGST
MEAN CGST PAYABLE – 32000 – (21000) = 11000.00
MEAN SGST PAYABLE – 32000
May be it can confussing..... pls note detailed...
We have two type of taxable services, which are 18% , 5% and we have eligible for CGST, SGST, & IGST. Suppose our monthy Output IGST 18 % - 5000.00 and Input IGST 18% = 11000 Net IGST input = (6000.00) in same way Output IGST 5 % - 3000.00 and Input IGST 18% = 18000, net IGST Input 5% = (15000.00) Then Total Net Adjustable Input is (15000) + (6000) = (21000.00)
In Same month Output CGST 9 % - 22000.00 and Input CGST 9% = 9000 Net CGST 9% payable = 13000.00 & SGST 9 % - 22000.00 and Input SGST 9% = 9000 Net SGST 9% payable = 13000.00 in same way CGST 2.5 % - 32000.00 and Input CGST 2.5% = 13000 Net CGST 2.5% payable = 19000.00 & SGST 2.5 % - 32000.00 and Input SGST 2.5% = 13000 Net SGST 2.5% payable = 19000.00 Then Total CGST Payable is 13000 + 19000 = 32000.00 Then Total SGST Payable is 13000 + 19000 = 32000.00
TOTAL IGST INPUT RETAIN – (21000.00)
TOTAL CGST PAYABLE – 32000.00
TOTAL SGST PAYABLE – 32000.00
CAN I ADJUST IGST CREDIT FROM CGST
MEAN CGST PAYABLE – 32000 – (21000) = 11000.00
MEAN SGST PAYABLE – 32000
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
- STCG....................................................
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- TAN for Partnership
- Sales return eway bill
- Treatment of Pension ?annuity returns on PMVY
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- Taxation on LTCG for property sold after 24JUL2024
- GST Registration Horse racing
- Small dealers gst returns filing
- Section 43B(h) – MSME Invoice Paid Before Year End but After 45 Days
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
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
