Itc utilization criteria

231 views
User Avatar

47 Points Posted on 22 April 2021
Hi sir
I have first liability of 11000
cgst liability of 5000
sgst liability of 5000
I have cgst itc 6000
I have sgst itc 20000
can I utilize my igst liability of 11000 with sgst 11000
then cgst liability with cgst
sgst liability with sgst
if so when I try to submit my return it's not utilizing it's showing error like igst first utilize with cgst then sgst if I did like that I need to pay cgst liability can you 3guide me relating to this
0 Reply Share Follow
On 22 April 2021 at 09:43 Report
Replies (4)
Quick Summary
This discussion clarifies the rules for utilising Input Tax Credit (ITC) for GST liabilities. It explains that IGST liability must first be offset against IGST ITC. If there's remaining IGST ITC, it can then be used for CGST and SGST liabilities. Similarly, CGST ITC should primarily offset CGST liability, and SGST ITC for SGST liability, with specific rules for inter-state set-offs.

User Avatar

Practice
3235 Points Posted on 22 April 2021
You cannot do such setoff, IGST needs to be set off first with IGST then CGST then SGST
Reply
On 22 April 2021 at 09:56
User Avatar

47 Points Posted on 22 April 2021
In new rules we can set of at any proportion if I utilize like that I need to pay cgst I have sgst itc more if I utilize like tha can you please help me on this
Reply
On 22 April 2021 at 10:06
User Avatar

Sr Accountant
292 Points Posted on 22 April 2021

Hi,

Calculation 

Setoff                 OUTPUT               IGST                  SGST                     CGST              

IGST                   11000                      0                      10000                     1000

CGST                    5000                     0                                                      5000                       

SGST                     5000                     0                       5000                   

Reply
On 22 April 2021 at 10:19
User Avatar

Chartered Accountant
5010 Points Posted on 22 April 2021

I will agree with MR. Abhay, you have to 1st pay off your IGST liability through IGST and then followed by CGST and SGST if any. 

 

Reply
On 22 April 2021 at 10:28

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. Company 3 months old, INC-20A not filed, all 3 of
  2. How do I choose the Best GST Lawyers in New Delhi
  3. Loss on sale of residential flat after indexing al
  4. Short Deduction
  5. Large mismatch between AIS Business Receipts and G
  6. Income tax on Australian Stipendiary Steward on 3
  7. INCOME TAX SECTION 92E
  8. Queries on Tax Invoice and GST
  9. Income Tax Auditor Tenure for Small Companies
  10. Sec 8 company sec 12ab reg

More recent discussions | Post

Related Topics :

Loading