hi
I raise a bill in Mumbai and collect igst
what will be the effect?
can I get square off against gst paid on purchase ?
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effect of igst collected
Replies (6)
While depositing the IGST the seller will take credit of SGST and CGST paid by him on purchase of such Goods or services within the state.
that means first I square off my cgst and sgst against igst ??
no...first you square off your igst liability and after that cgst liability and then after if there is credit of igst then square off SGST liability
right sir
IGST input credit can be set off against IGST first, if still available, it can be set off next against CGST and if still credit is there it can be set off against SGST. This is the order of set off . Cross adjustment of CGST and SGST not possible.
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