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GST set off rule in case of itc reversal
During the month of january, only itc IGST reversal liability Rs. 120000, in electronic credit ledger IGST input is nil but CGST and SGST input Rs. 700000 and Rs. 600000 we can utilise this input for paying igst input reversal liability? If possible what is order of utilisation what is closing balance of cgst and sgst after utilisation?
Replies (2)
Quick Summary
IGST liability can be setoff from both CGST and SGST.
Both CGST and SGST can be used equally to setoff the liability
per existing provisions, whatever amount of CGST and whatever amount of SGST can be used for set off.
It is taxpayer wish.
Only condition is, if IGST is available, it should be used first.
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