New setoff rule to be applied - please guide

This query is : Resolved

Pragna Marfatia (Querist)
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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,

CA Altamush Zafar

CA Altamush Zafar (Expert)
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15 May 2021 Yes it is correct

CMA Poornima Madhava

CMA Poornima Madhava (Expert)
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17 May 2021 Yes, agree with Altamush

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