Input credit
No No double tax
In case of Intra State transactions, you collects both CGST & SGST from the buyer and CGST needs to be deposited with Central Govt. and SGST with State Govt.
How to adjust the Credit?
Setoff of IGST, CGST & SGST will be as follows in the below mentioned chronological order only.
Credit Of To Be Adjusted With
CGST A. CGST
B. IGST
SGST A. SGST
B. ISGST
Please Note
1. Credit Of CGST- Allowed 1st for payment of CGST & the balance can be utilised for the payment of IGST. ( Credit Of CGST in not allowed for payment of SGST)
2.Credit Of SGST/UTGST- Allowed 1st for payment of SGST/UTGST & the balance can be utilised for the payment of IGST. ( Credit Of SGST/UTGST in not allowed for payment of CGST).
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