can anyone explain current GST itc set off rule
4 Replies
Manoj Raturi
(student-CA FINALS)
(191 Points)
Replied 16 September 2019
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.
Monik Shah
(4 Points)
Replied 16 September 2019
First igst against igst then balance igst can be adjusted against cgst or sgst in any manner.
Manoj Raturi
(student-CA FINALS)
(191 Points)
Replied 16 September 2019
Yes i forgot to clarify, igst can be set off in any manner after set off igst.
Rammi_RP Rawat
(Accountant )
(386 Points)
Replied 16 September 2019
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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