Setoff
This query is : Resolved
Quick Summary
05 August 2020
IGST. CGST. SGST
Liability. 100. 50. 50
RCM. 2. 1. 1
Input. 150. 40. 40
How to setoff and balance c/f and tax payable
Liability. 100. 50. 50
RCM. 2. 1. 1
Input. 150. 40. 40
How to setoff and balance c/f and tax payable
06 August 2020
You have to first utilise all the IGST credit. But because SGST liability is more than SGST ITC balance , I would suggest you to utilise as under-
1. IGST utilisation-Rs. 150 ITC as (150-100-2- 30(cgst liab)- 18(SGST liab). This makes your IGST ITC balance will become nil.
2. Balance CGST liability you can discharge by utilising CGST credit (40-21).This will leave CGST ITC balance of Rs.19.
3. Balance SGST liability you can discharge by utilising SGST credit (40-33).This will leave SGST balance of Rs.7.
Thus in the above manner you do not need to pay cash.
1. IGST utilisation-Rs. 150 ITC as (150-100-2- 30(cgst liab)- 18(SGST liab). This makes your IGST ITC balance will become nil.
2. Balance CGST liability you can discharge by utilising CGST credit (40-21).This will leave CGST ITC balance of Rs.19.
3. Balance SGST liability you can discharge by utilising SGST credit (40-33).This will leave SGST balance of Rs.7.
Thus in the above manner you do not need to pay cash.
06 August 2020
Sir, Is it permissible as GST Portal auto calculate the figure it utilised IGST TO CGST
06 August 2020
I think can change the auto calculated figures in cgst/sgst.just check and let me know
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
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- Difference between Date of Payment and Date of Deduction?
- Unregistered suppliers utility
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Cash balance limit and property purchases limit
- Can we choose not to report losses in ITR3 if they cannot be carried forward?
- Journal entry of busniess expenses
- Need Professional Opinion - AY 2012-13 Old Demand & AY 2026-27 Refund Adjustment
- TDS AND ITR ISSUE
- The TDS balance for March 26 shows a mismatch between the books and the portal; what should be done
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
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
