New setoff rule to be applied - please guide
This query is : Resolved
Quick Summary
15 May 2021
I have credit of (current ITC and Ledger + cash credit) as given below:
IGST - 4500
CGST - 900
SGST - 5800
I have to pay tax liability, say as given below:
IGST - 10000
CGST - 1500
SGST - 1500
So as per new set off rule,
IGST liability of 10000, to be set off using ITC of 4500 of IGST+900 of CGST+4600 of SGST
Then my credit will be only for SGST - Rs. 1200
So I need to pay tax as CGST - Rs. 1500, SGST as Rs. 300 (1500-1200).
I will be greatful if you can guide as to this understanding is correct.
Regards,
IGST - 4500
CGST - 900
SGST - 5800
I have to pay tax liability, say as given below:
IGST - 10000
CGST - 1500
SGST - 1500
So as per new set off rule,
IGST liability of 10000, to be set off using ITC of 4500 of IGST+900 of CGST+4600 of SGST
Then my credit will be only for SGST - Rs. 1200
So I need to pay tax as CGST - Rs. 1500, SGST as Rs. 300 (1500-1200).
I will be greatful if you can guide as to this understanding is correct.
Regards,
15 May 2021
Yes it is correct
17 May 2021
Yes, agree with Altamush
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