IGST Credit note adjustment in 3B

IGST 387 views 3 replies
User Avatar

C A
65 Points Joined December 2008

Kindly help.

I am having IGST credit note worth Rs. 100000/-.  I have not raised any bills after this credit note under IGST.  But I have output under CGST and SGST.  My query is how to adjust this IGST credit note in GSTR3B? is it possible to adjust against CGST/SGST output?

0 Reply Share Follow
On 16 October 2024 at 12:58 Report
Replies (3)
User Avatar

Master in Accounts & high court Advocate
8748 Points Joined December 2011

You have an IGST credit note worth Rs. 100,000 and no IGST output, but you have CGST and SGST output. To adjust this IGST credit note in GSTR3B: 1. You can't directly adjust the IGST credit note against CGST/SGST output. 2. However, you can utilize the IGST credit note to pay IGST liability on your future outputs (if any). 3. If you don't have IGST output, you can transfer the IGST credit note to CGST and SGST, but only after obtaining a refund of the IGST credit note. To transfer the IGST credit note to CGST and SGST: 1. File Form GST RFD-01A to refund the IGST credit note. 2. Once the refund is processed, the IGST credit note will be transferred to CGST and SGST credits. 3. You can then adjust the transferred credits against your CGST and SGST output. In your GSTR3B return: 1. Report the IGST credit note in the "Input Tax Credit" table (Table 4). 2. Show the transfer of IGST credit note to CGST and SGST in the "Adjustments" table (Table 13). Consult a tax professional or expert to ensure accurate reporting and compliance. Remember, the IGST credit note can only be utilized for IGST liability or refunded, not directly adjusted against CGST/SGST output.

Reply
On 16 October 2024 at 13:53
User Avatar

C A
65 Points Joined December 2008

Thank you very much for the reply.

Reply
On 16 October 2024 at 14:04
User Avatar

Accounts & Finance Manager
76 Points Joined June 2011

Sir I have a Query if we have CGSTand SGST creditnote can we adjut the same against IGST output tax?

Reply
On 07 November 2024 at 13:18


CCI Pro

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Threads

More recent discussions | Post

Related Threads
Loading