Itc utilization & carry forward

297 views 3 replies

Designer

132 Points Posted on 10 October 2017

Hi Experts,
Kindly please reslove this query.

Assuming i have taxpayable

IGST = 10,000
IGST ITC available = 0

After paying CGST & SGST I'm left with

Unutilized CGST = 8,000
Unutilized SGST = 8,000

Que1.

Now in what way can i offset my tax liabity to
pay IGST from CGST & SGST

Possiblity-A
Pay 5,000 through CGST
Pay 5,000 through SGST

Possiblity-B
Pay 8,000 through CGST
Pay 2,000 through SGST

Que2.

How is ITC balance carry forwarded.

Lets say in Possiblity-B
Will it be 0 CGST & 6000 SGST
OR
6,000 in totality
which can be used to offset all IGST, CGST & SGST
in future returns.

Thanks

Replies (3)

Designer

132 Points Posted on 10 October 2017

why can't i see this post under GST

Practicing CA

1180 Points Posted on 10 October 2017

Dear Andy,

For Q1 ) the possibility B is the currect method, You should utilize IGST, CGST and then SGST for discharging the IGST liability.

For Q2 ) the first method is currect that is Closing balance will be CGST is Rs. Nil and SGST Rs. 6000

Designer

132 Points Posted on 10 October 2017

Originally posted by : vinod araveti
	Dear Andy, For Q1 ) the possibility B is the currect method, You should utilize IGST, CGST and then SGST for discharging the IGST liability. For Q2 ) the first method is currect that is Closing balance will be CGST is Rs. Nil and SGST Rs. 6000