can anyone explain current GST itc set off rule
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ITC Set off rule
Replies (4)
Ist igst input will be set off against igst output and then cgst and then sgst. Later on Set of cgst with cgst and sgst with sgst. You have fully adjust igst ist.
First igst against igst then balance igst can be adjusted against cgst or sgst in any manner.
Yes i forgot to clarify, igst can be set off in any manner after set off igst.
As per New Amended CGST Law ( section 49A) The Following sequences are required to be maintained:
| IGST LIABILITY | CGST LIABILITY | SGST LIABILITY |
|
• IGST CREDIT
• CGST CREDIT • SGST CREDIT |
• IGST CREDIT
• CGST CREDIT |
• IGST CREDIT
• SGST CREDIT |
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