MACHINERY PURCHASED FROM INTERSTATE AND ITC ON CAPITAL GOODS (i.e. IGST) CLAIMED, & IT WILL BE ADJUSTED IN 5 YEARS AHEAD.
MY TOTAL OUTWARD SUPPLY IS INTRASTATE
THEN HOW IGST ITC ON CAPITAL IS TO BE ADJUSTED ??
DUE TO GST ITC SETOFF RULES IN GSTR3B IGST IS AUTOMATICALLY SETOFF FIRST THEN CGST & SGST ??
ANYONE PLEASE HELP !!
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ADJUSTMENT OF INTERSTATE CAPITAL GOODS ITC
Replies (2)
Pls check rule 88 for utilisation of GST input
The liability towards CGST can be set off from available balance of SGST asset.
The liability towards SGST can be set off from
available balance of CGST asset.
CGST liability can't be set off from CGST asset
SGST liability can't be set off from SGST asset.
Then remaining CGST and SGST liability to be set off from IGST asset.
The liability towards SGST can be set off from
available balance of CGST asset.
CGST liability can't be set off from CGST asset
SGST liability can't be set off from SGST asset.
Then remaining CGST and SGST liability to be set off from IGST asset.
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