Itc credit
This query is : Resolved
12 June 2017
Dear Sir/Madam IGST Purchase Rs.10000/- and + Input Rs.1800/- = Purchase Value Rs.11800/- . sold the goods(Local) Rs.12000 + SGST Rs.1080/- CGST+ Rs.1080/- = Inv.Amt Rs.14160/- . Can i ITC adjust the GST Rs.1800/- for this Transaction. How i Paid the Tax,
CGST Payable Tax ?
SGST Payable Tax ?
How We take the ITC IGST Rs.1800/-
CGST Payable Tax ?
SGST Payable Tax ?
How We take the ITC IGST Rs.1800/-
CA Shubhanshu Jain
(Expert)
12 June 2017
hello
Following is the order to utilize Input tax credit under GST.
1. For making Payment of IGST
> First Utilize IGST, if any
> Then CGST
> Then SGST
2. For making payment of CGST
> First utilize ITC balance of CGST
> Then IGST
3. For making payment of SGST
> First utilize ITC balance of SGST
> Then IGST
and Tax credit of SGST and CGST can't be cross utilized.
So, accordingly in your query ITC of IGST can be adjusted in following manner.
- ITC of IGST = Rs. 1800
- CGST Payable = Rs. 180 (1080-900)
- SGST Payable = Rs. 180 (1080-900)
Above response in on the basis of assumption that 50% is utilized for CGST and balance 50% for SGST, you can adopt other combinations also for adjusting IGST.
Following is the order to utilize Input tax credit under GST.
1. For making Payment of IGST
> First Utilize IGST, if any
> Then CGST
> Then SGST
2. For making payment of CGST
> First utilize ITC balance of CGST
> Then IGST
3. For making payment of SGST
> First utilize ITC balance of SGST
> Then IGST
and Tax credit of SGST and CGST can't be cross utilized.
So, accordingly in your query ITC of IGST can be adjusted in following manner.
- ITC of IGST = Rs. 1800
- CGST Payable = Rs. 180 (1080-900)
- SGST Payable = Rs. 180 (1080-900)
Above response in on the basis of assumption that 50% is utilized for CGST and balance 50% for SGST, you can adopt other combinations also for adjusting IGST.
CA Shubhanshu Jain
(Expert)
12 June 2017
Yes you can adjust ITC of IGST with CGST/SGST Payable.
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