My Client Had Work done in March 22 & Amount reflect on 26 As Bt Gst not paid on this transaction.
Can he set off his LIBILITY in Oct 22 return with Available Gst Credit.
All Gst Credit is October's 2022
Plz Guide Me.
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GST LIBILITY SET OFF
Replies (2)
Quick Summary
Based on your information, I assume you have raised invoice in Mar 22 to your client/customer and he deducts TDS thereon and it is properly getting reflected in your Form 26AS of FY 2021-22. However, you haven't paid GST on the said invoice and now you intend to set off GST credit of Oct 22 against Mar 22 invoice. Please note that you are allowed to offset GST credit available as on the last date of GST liability month and hence, you cannot offser Oct 22 GST credit against Mar 22.
Regards,
Manoj
Hi Ravindra,
You have to report March 22 invoice now and pay interest applicable for the delay.. Also you can pay this liability using ITC balance available at the time of filing return. But interest needs to be paid in cash.
Thanks
Bhavana
Chartered accountant
You have to report March 22 invoice now and pay interest applicable for the delay.. Also you can pay this liability using ITC balance available at the time of filing return. But interest needs to be paid in cash.
Thanks
Bhavana
Chartered accountant
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