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GST New Tax Adjustment

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Accoutant
37 Points Posted on 27 February 2019

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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On 27 February 2019 at 19:31 Report
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CA Student
15932 Points Posted on 27 February 2019

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.

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On 27 February 2019 at 19:59
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Tax Professional & Advisor
1421 Points Posted on 27 February 2019
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
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On 27 February 2019 at 20:29
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Accoutant
37 Points Posted on 28 February 2019
sir tell me further , how will we use last month closing balance of credit ledger ???
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On 28 February 2019 at 12:00
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Accoutant
37 Points Posted on 28 February 2019
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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On 28 February 2019 at 15:14


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