Gst liability set off

159 views 3 replies

sundaram

finance manager

42 Points Joined January 2014

Sir,

While set off GST liability , can we use cash ledger balance first instead of using ITC .

Because we have good amount of cash balance due to the TDS recovered under GST by our PSU customers.

WE want to use the same

Please advice

Replies (3)

dongsung precision

9 Points Joined March 2019

	Taxable Value	IGST	CGST	SGST
O/S	4,45,95,071.35		61,05,696.56	61,05,696.56

RCM Supply	8,58,114.00		77,230.26	77,230.26
	28,248.00		706.20	706.20

Total tax to be pay			61,83,633.02	61,83,633.02	1,23,67,266.04

ITC		79,55,350.35	18,28,097.24	18,28,097.24

Total ITC		79,55,350.35	18,28,097.24	18,28,097.24	1,16,11,544.84
					7,55,721.20	Payable Non RCM
RCM Supply	8,58,114.00		77,230.26	77,230.26
	28,248.00		706.20	706.20	1,55,872.92
					9,11,594.12	Net Payable

please guide me which one is correct to pay (Non RCM amount or Net payable Amount?)

M.M Sachora

Tax Professional & Advisor

1421 Points Joined June 2012

Dear @ Sundaram if you use Cash then ITC balance accumulated.. Over a time and my advice is that practically do one time through cash mode if system accepted then it is best for you otherwise you can go through ITC mode.. Then cash..