Input tax credit ledger February 2021 balances
IGST 2860
SGST 1122
CGST 1122
Output Tax Liability March 2021
CGST 2552
SGST 2552
how to set off balance against ITC?
Input tax credit
Replies (4)
Quick Summary
You can set off tax liability of igst with igst, cgst and sgst
cgst tax liability with igst and cgst
sgst tax liability with igst and sgst
cgst tax liability with igst and cgst
sgst tax liability with igst and sgst
First pay igst half of each i.e cgst and sgst....then remaining tax liability with appropriate cgst and sgst
| Originally posted by : Yasir | ||
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Input tax credit ledger February 2021 balancesIGST 2860SGST 1122CGST 1122Output Tax Liability March 2021CGST 2552SGST 2552 how to set off balance against ITC? |  |
CGST: 2252 - 1430 (half of IGST ITC) - 1122 (CGST ITC) = liability nil
SGST: 2252 - 1430 (half of IGST ITC) - 1122 (SGST ITC) = liability nil
You need to first set off the CGST liability with CGST credit and SGST liability with SGST credit then set off the liabilities with IGST credit. You will get these details auto-filled by GSTN
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