sir please tell me about new tax adjustment from 1 feb 2019. how we adjust tax input and output with each other .
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GST New Tax Adjustment
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The order of set-off of ITC will now start with IGST.
Unless and until IGST credit has been completely utilized, one cannot use the other credits available.
As per New ITC set off rule from 1st Feb-2019
Tax credit to be set off Available Input Tax Credit (In the order of utilization)
IGST ->IGST ->CGST->SGST
CGST -> IGST ->CGST
SGST -> IGST ->SGST
Tax credit to be set off Available Input Tax Credit (In the order of utilization)
IGST ->IGST ->CGST->SGST
CGST -> IGST ->CGST
SGST -> IGST ->SGST
sir tell me further , how will we use last month closing balance of credit ledger ???
sir , in case if igst payable , then will we use balance input credit of cgst and cgst or will we consume direct input of cgst and sgst {before adjustment with cgst output and sgst output}
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