sir if last of the month before file return my balance sheet in tally gst report is
igst Cr .47700
cgst. Dr. 60000
sgst. Dr 23000
then which type I adjust my tax liabilty. just like. I live in gujrat. I purchase from Delhi. (outside state) my input tax is 47700 and I am sale in local gujrat to gujrat then what is my pass the entry.
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IGST AMOUT
Replies (2)
IGST credit shall be adjusted from CGST liability first and balance credit if any shall be availed against SGST liability.
So if your IGST credit is 47700
Net GST payable would be:
CGST 60000-47700 = 12300
SGST = 23000
Total = 35300
So if your IGST credit is 47700
Net GST payable would be:
CGST 60000-47700 = 12300
SGST = 23000
Total = 35300
Any IGST credit will first be applied to set off in this order:
First set off against IGST liability
Then CGST
The balance credit will be used to set off SGST
First set off against IGST liability
Then CGST
The balance credit will be used to set off SGST
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