New Sett Off rule under GST

This query is : Resolved

seeta (Querist)
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22 May 2021 IGST CGST SGST
OUTWARD TAX 3300000 600000 600000
INWARD 1000000 1400000 1400000

HOW SET WILL BE DONE IN THIS CASE?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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22 May 2021 For IGST Output – First set off thru ITC of IGST, then CGST & then SGST. (10 lacs+8 lacs(balance CGST)+ 8 lacs(balance SGST). Pay balance 5 lacs IGST in cash.

seeta

seeta (Querist)
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22 May 2021 Sir,
How 5 Lakh comes
Please clarify me

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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22 May 2021 It's 7 lacs payable.

seeta

seeta (Querist)
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22 May 2021 Its means that if you have credit in SGST Credit Ledger than you can utilized in Set Off of IGST Liability when CGST Credit is NIl

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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22 May 2021 Yes you are right..........

seeta

seeta (Querist)
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12 June 2021 Sir, I have credit of SGST and my IGST & CGST Liability set off from their head.
what should i do to utilized the credit of SGST.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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12 June 2021 Carry over and utilise it in future no time limit.

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