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Input and out setoff


V. Karthikeyan   20 September 2020

V. Karthikeyan

 9 points

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Dear Experts ,

We have input credit in Igst ledger,but no out put to setoff but we have Cgst and Sgst out put.

shall we setoff sgst out put against i
gst credit or its compulsory to first setoff Cgst out put against Igst input

pls advice , is it optional.

my mgmt ready to pay sgst and Cgst out put dues without adjusting Igst input _ this case shall we claim Igst input as Refund or its compulsory we needs adjust igst credit against Cgst or sgst out put _ pls advice.

avater

Sri Ram   20 September 2020

Sri Ram

 4 likes  46 points

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Hi,
as per gst laws, the order of set off of igst input is first against igst output, second against cgst output, at last sgst output.
In your case, you can only first set off igst input against cgst input and then sgst output.
It is up to you to either set off the igst input, or you can carry forward the input to next tax period. It is not a compulsion to set off inputs against outputs.

avater

V. Karthikeyan   20 September 2020

V. Karthikeyan

 9 points

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Ok sir thanks

avater

Sagar Patel (Tax and Business Consultant)     20 September 2020

Sagar Patel
Tax and Business Consultant 
 985 likes  11091 points

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@ V Karthikeyan ji
You can set of your IGST credit against CGST output or SGST output as per your Choice in any proportion... it's not mandatory to first set of IGST Credit against CGST output and then only set off to SGST output.
And also there is no refund of any credit available in credit Ledger.

So, It's advisable to Set of IGST Credit against CGST or SGST in such manner that your payment of GST in cash will be minimal..

avater

V. Karthikeyan   20 September 2020

V. Karthikeyan

 9 points

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Thanks sir

avater

Sagar Patel (Tax and Business Consultant)     22 September 2020

Sagar Patel
Tax and Business Consultant 
 985 likes  11091 points

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Welcome.............


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