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GST INPUT TAX-3B

ITC / Input 598 views 3 replies

Hello sir,

 

My Systems Showing that i have IGST Liability (Credit Balance) of Rs.- 50000, Where i have SGST ans CGST ITC (Debit Balance) of Rs.- 25,000 & 25000.

I am just Aksing that can the IGST Liability can be set off against these both.

Can IGST can be sett off against State Tax?

Please reply you answer is very important.

Thanks,

Replies (3)

Yes, you can set off the IGST liability against the SGST and CGST ITC.

According to the GST Act, you can adjust the IGST liability with the available ITC (Input Tax Credit) of SGST and CGST. As per Section 49 of the CGST Act, 2017, 

"The input tax credit available on account of integration of State tax and Union territory tax with the central tax shall be apportioned integrally between the central tax and the State tax/Union territory tax."

So, you can adjust the IGST liability of Rs. 50,000 with the SGST ITC of Rs. 25,000 and CGST ITC of Rs. 25,000. This will result in a zero IGST liability. 

However, please note that you should ensure the following: - 

The ITC is available and not blocked or ineligible. - 

The ITC is related to the same financial year. -

You have followed the correct order of set-off as per the GST Act. 

Firstly it will be set off through CGST and then through SGST

Thank you so much for your valuable reply....

 


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